Alaska Work and Save

Nearly half of Alaska private-sector workers don’t have access to a way to save from their regular paycheck at work. Almost 73% of workers at Alaska businesses with under 10 employees, and 66% percent at companies with between 10-24 employees, lack a plan. If not covered by an employer plan, only 5% of people save in an IRA. Americans are 15 times more likely to save for the future if they can do so out of their regular paycheck.

Alaska Work and Save is designed to address the retirement savings gap using tools, such as payroll deduction, that are proven to work. Work and Save programs are state-facilitated retirement savings options that are a public-private partnership.

The state serves the role of overseeing and registering businesses, while the private sector manages and runs the investments. These programs are easy for employers and employees to use, and there are no ongoing costs or risks to employers or the state. Importantly, Work and Save includes both automatic enrollment and portability, leading to dramatic increases in participation that last over time and as workers change jobs.

2025 Alaska Work and Save Fact Sheet
Summary - 2023 Alaska Small Business Owner Survey
SB21 Bill History and Text (Alaska Legislature)

Business Supporter

Today, a secure retirement is out of reach for nearly half of Alaskan workers, especially those who work for themselves or for small businesses who don’t have access to a way to save for retirement at work.

Without a way for workers to save on the job, they may face retirement with Social Security as their only source of income, leaving them unable to afford basic needs in retirement and more likely to rely on public benefits like Medicaid and SNAP.

How can we make it easier for businesses to offer employees a way to save so they can take control of their future? The answer is Alaska Work and Save, proposed legislation supported by AARP and seven in ten small businesses surveyed. With Alaska Work and Save, businesses would get an easy, no-cost way to offer an important employee benefit—that will help them stay competitive in today’s tight job market.

We know you value what your employees do for your business. With Alaska Work and Save, your hard-working employees could save for retirement through payroll deductions into their own IRA, transferable as they change jobs.

All you’d have to do is pass information on to your employees and add a line-item deduction to the employee’s paycheck with zero employer fees, no employer match and no fiduciary responsibility.

Would you be willing to sign on in support of passing Alaska Work and Save? Download suggested support letter or resolution, edit if you wish, print, sign, scan, and email to mstoneking@aarp.org