An estimated 530,000 Arkansans—over half of Arkansans age 18 to 64—do not have access to a retirement savings plan through their employer. Senate Bill 236, which passed the Arkansas Senate Revenue and Taxation Committee today, would help address this issue by creating the Arkansas Small Business Voluntary Retirement Program.
Under SB236, businesses with up to 100 employees could create voluntary retirement savings accounts for employees, helping them take charge of their financial futures and live independently as they age. The accounts would be portable, meaning employees could take these “Work and Save” accounts with them when they switch jobs.
The next step for SB236 is consideration by the Arkansas Senate. SB236 is among AARP Arkansas’ 2017 legislative priorities.