AK
Alaska Senate Bill SB21

Alaska 2025-2026 Regular Session

Alaska Senate Bill SB21 Compare Versions

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2-SB0021B -1- CSSB 21(L&C)
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10-CS FOR SENATE BILL NO. 21(L&C)
10+
11+ SENATE BILL NO. 21
1112
1213 IN THE LEGISLATURE OF THE STATE OF ALASKA
1314
1415 THIRTY-FOURTH LEGISLATURE - FIRST SESSION
1516
16-BY THE SENATE LABOR AND COMMERCE COMMITTEE
17+BY SENATOR WIELECHOWSKI
1718
18-Offered: 4/9/25
19-Referred: Finance
19+Introduced: 1/10/25
20+Referred: Prefiled
2021
21-Sponsor(s): SENATORS WIELECHOWSKI, Gray-Jackson
22+
2223 A BILL
2324
2425 FOR AN ACT ENTITLED
2526
26-"An Act establishing the Alaska Work and Save Program in the Department of 1
27-Revenue; relating to the duties of the commissioner of labor and workforce 2
28-development; and providing for an effective date." 3
29-BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 4
30- * Section 1. AS 43.23.130(a) is amended to read: 5
31-(a) Notwithstanding AS 43.23.200, the Department of Revenue shall prepare 6
32-the electronic Alaska permanent fund dividend application to allow an applicant who 7
33-files electronically to direct that money be subtracted from the dividend payment and 8
27+"An Act establishing the Alaska Work and Save Program; establishing the Alaska 1
28+Retirement Savings Board; and providing for an effective date." 2
29+BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 3
30+ * Section 1. AS 43.23.130(a) is amended to read: 4
31+(a) Notwithstanding AS 43.23.200, the Department of Revenue shall prepare 5
32+the electronic Alaska permanent fund dividend application to allow an applicant who 6
33+files electronically to direct that money be subtracted from the dividend payment and 7
3434 contributed to the applicant's Alaska Work and Save Program participant
35-9
36-account (AS 44.25.400 - 44.25.490), the crime victim compensation fund 10
37-(AS 18.67.162), the peace officer and firefighter survivors' fund, or one or more of the 11
38-educational organizations, community foundations, or charitable organizations that 12
39-appear on the contribution list contained in the application. A contribution to an 13
40-Alaska Work and Save Program participant account, the crime victim 14 34-LS0254\I
41-CSSB 21(L&C) -2- SB0021B
35+8
36+account (AS 44.25.400 - 44.25.490), the crime victim compensation fund 9
37+(AS 18.67.162), the peace officer and firefighter survivors' fund, or one or more of the 10
38+educational organizations, community foundations, or charitable organizations that 11
39+appear on the contribution list contained in the application. A contribution to an 12
40+Alaska Work and Save Program participant account, the crime victim 13
41+compensation fund, the peace officer and firefighter survivors' fund or to an 14 34-LS0254\A
42+SB 21 -2- SB0021A
4243 New Text Underlined [DELETED TEXT BRACKETED]
4344
44-compensation fund, the peace officer and firefighter survivors' fund or to an 1
45-organization may be $25, $50, $75, $100, or more, in increments of $50, up to the 2
46-total amount of the permanent fund dividend that the applicant is entitled to receive. If 3
47-the total amount of contributions elected by an applicant exceeds the amount of the 4
48-permanent fund dividend that the applicant is entitled to receive, contributions shall be 5
49-deducted from the dividend in the order of priority elected by the applicant on the 6
50-application until the entire amount of the dividend that the applicant is entitled to 7
51-receive is allocated for contribution. The electronic dividend application form must 8
52-include notice that seven percent of the money contributed will be used for 9
53-administrative costs incurred in implementing this section, and money from the 10
54-dividend fund will not be used for that purpose. 11
55- * Sec. 2. AS 43.23.130(b) is amended to read: 12
56-(b) The department shall list each educational organization, community 13
57-foundation, or charitable organization eligible under (c) and (d) of this section, each 14
58-university campus that applies under (l) of this section, the Alaska Work and Save 15
59-Program, the crime victim compensation fund, and the peace officer and firefighter 16
60-survivors' fund on the contribution list. The department shall maintain an electronic 17
61-database for the contribution list that is accessible to the public and that permits 18
62-searches by organization or fund name, geographic location, and type. The department 19
63-shall provide a statement of the contributions made by an individual that is suitable for 20
64-federal income tax purposes to each individual who elects to contribute under (a) of 21
65-this section. 22
66- * Sec. 3. AS 43.23.130(m) is amended to read: 23
67-(m) In addition to the application fee in (f) of this section, the department shall 24
68-withhold a coordination fee from each organization, foundation, or university campus 25
69-that receives contributions under this section in the immediately preceding dividend 26
70-year. The coordination fee for an organization, foundation, or university campus that 27
71-receives contributions under this section shall be seven percent of the amount of 28
72-contributions reported by the department under (j) of this section for the organization, 29
73-foundation, or university campus for the immediately preceding dividend year. The 30
74-coordination fee shall be separately accounted for under AS 37.05.142 and shall be 31 34-LS0254\I
75-SB0021B -3- CSSB 21(L&C)
45+organization may be $25, $50, $75, $100, or more, in increments of $50, up to the 1
46+total amount of the permanent fund dividend that the applicant is entitled to receive. If 2
47+the total amount of contributions elected by an applicant exceeds the amount of the 3
48+permanent fund dividend that the applicant is entitled to receive, contributions shall be 4
49+deducted from the dividend in the order of priority elected by the applicant on the 5
50+application until the entire amount of the dividend that the applicant is entitled to 6
51+receive is allocated for contribution. The electronic dividend application form must 7
52+include notice that seven percent of the money contributed will be used for 8
53+administrative costs incurred in implementing this section, and money from the 9
54+dividend fund will not be used for that purpose. 10
55+ * Sec. 2. AS 43.23.130(b) is amended to read: 11
56+(b) The department shall list each educational organization, community 12
57+foundation, or charitable organization eligible under (c) and (d) of this section, each 13
58+university campus that applies under (l) of this section, the Alaska Work and Save 14
59+Program, the crime victim compensation fund, and the peace officer and firefighter 15
60+survivors' fund on the contribution list. The department shall maintain an electronic 16
61+database for the contribution list that is accessible to the public and that permits 17
62+searches by organization or fund name, geographic location, and type. The department 18
63+shall provide a statement of the contributions made by an individual that is suitable for 19
64+federal income tax purposes to each individual who elects to contribute under (a) of 20
65+this section. 21
66+ * Sec. 3. AS 43.23.130(m) is amended to read: 22
67+(m) In addition to the application fee in (f) of this section, the department shall 23
68+withhold a coordination fee from each organization, foundation, or university campus 24
69+that receives contributions under this section in the immediately preceding dividend 25
70+year. The coordination fee for an organization, foundation, or university campus that 26
71+receives contributions under this section shall be seven percent of the amount of 27
72+contributions reported by the department under (j) of this section for the organization, 28
73+foundation, or university campus for the immediately preceding dividend year. The 29
74+coordination fee shall be separately accounted for under AS 37.05.142 and shall be 30
75+accounted for separately from the application fee collected under (f) of this section. 31 34-LS0254\A
76+SB0021A -3- SB 21
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78-accounted for separately from the application fee collected under (f) of this section. 1
79-The annual estimated balance in the account maintained under AS 37.05.142 for 2
80-coordination fees collected under this subsection may be appropriated for costs of 3
81-administering this section. The department may not withhold a coordination fee for 4
82-contributions to an Alaska Work and Save Program participant account, the crime 5
83-victim compensation fund or the peace officer and firefighter survivors' fund. 6
84- * Sec. 4. AS 44.25 is amended by adding new sections to read: 7
85-Article 5. Alaska Work and Save Program. 8
86-Sec. 44.25.400. Alaska Work and Save Program. (a) The Alaska Work and 9
87-Save Program is established in the Department of Revenue. The commissioner of 10
88-revenue or the commissioner's designee shall administer the program. 11
89-(b) An employer that does not offer a qualified retirement plan shall facilitate 12
90-participation of the employer's employees in the program. 13
91-(c) Under the program, 14
92-(1) an eligible employee is automatically enrolled in the program at the 15
93-default contribution rate established by the administrator; 16
94-(2) an eligible employee's contribution rate increases at the default rate 17
95-established by the administrator; 18
96-(3) an eligible employee may 19
97-(A) opt out of the program or a contribution rate increase; 20
98-(B) make contributions at a rate different than the default rate 21
99-established by the administrator; 22
100-(C) increase contributions at a rate different than the default 23
101-rate established by the administrator; 24
102-(4) any person who earns compensation in this state is eligible to 25
103-voluntarily enroll in the program. 26
104-(d) The state, the program, and the administrator 27
105-(1) may not guarantee a specific rate of return or interest for a 28
106-contribution; 29
107-(2) are not liable for any loss incurred by a participant as a result of 30
108-participating in the program; 31 34-LS0254\I
109-CSSB 21(L&C) -4- SB0021B
79+The annual estimated balance in the account maintained under AS 37.05.142 for 1
80+coordination fees collected under this subsection may be appropriated for costs of 2
81+administering this section. The department may not withhold a coordination fee for 3
82+contributions to an Alaska Work and Save Program participant account, the crime 4
83+victim compensation fund or the peace officer and firefighter survivors' fund. 5
84+ * Sec. 4. AS 44.25 is amended by adding new sections to read: 6
85+Article 5. Alaska Work and Save Program. 7
86+Sec. 44.25.400. Alaska Work and Save Program. (a) The Alaska Work and 8
87+Save Program is established in the Department of Revenue and administered by the 9
88+Alaska Retirement Savings Board. 10
89+(b) An employer that does not offer a qualified retirement plan shall facilitate 11
90+participation of the employer's employees in the program. 12
91+(c) Under the program, 13
92+(1) an eligible employee is automatically enrolled in the program at the 14
93+default contribution rate established by the board; 15
94+(2) an eligible employee's contribution rate increases at the default rate 16
95+established by the board; 17
96+(3) an eligible employee may 18
97+(A) opt out of the program or a contribution rate increase; 19
98+(B) make contributions at a rate different than the default rate 20
99+established by the board; 21
100+(C) increase contributions at a rate different than the default 22
101+rate established by the board; 23
102+(4) any person who earns compensation in this state is eligible to 24
103+voluntarily enroll in the program. 25
104+(d) The state, the program, the board, and trustees 26
105+(1) may not guarantee a specific rate of return or interest for a 27
106+contribution; 28
107+(2) are not liable for any loss incurred by a participant as a result of 29
108+participating in the program; 30
109+(3) have no proprietary interest in contributions to, or earnings on 31 34-LS0254\A
110+SB 21 -4- SB0021A
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112-(3) have no proprietary interest in contributions to, or earnings on 1
113-amounts contributed to, participant accounts. 2
114-(e) Nothing in AS 44.25.400 - 44.25.490 prohibits an employer from 3
115-establishing an alternative retirement plan for the employer's employees. 4
116-Sec. 44.25.410. Purpose of program. The administrator is the trustee of all 5
117-contributions and earnings on amounts contributed to participant accounts. The 6
118-administrator's primary mission is to 7
113+amounts contributed to, participant accounts. 1
114+(e) Nothing in AS 44.25.400 - 44.25.490 prohibits an employer from 2
115+establishing an alternative retirement plan for the employer's employees. 3
116+Sec. 44.25.410. Alaska Retirement Savings Board. (a) The Alaska 4
117+Retirement Savings Board is established in the Department of Revenue. The board is 5
118+the trustee of all contributions and earnings on amounts contributed to participant 6
119+accounts. The board's primary mission is to 7
119120 (1) develop a retirement program for employees in this state who are 8
120121 not offered a qualified retirement plan by an employer; 9
121122 (2) conduct a market and legal analysis of the program; and 10
122123 (3) facilitate the investment of funds contributed to participant 11
123124 accounts. 12
124-Sec. 44.25.420. Powers and duties of the administrator. (a) The 13
125-administrator shall 14
126-(1) develop and administer the program; 15
127-(2) adopt regulations to implement AS 44.25.400 - 44.25.490; 16
128-(3) establish a process for enrollment in the program, including 17
129-automatic employee enrollment and a process for an employee to opt out of the 18
130-program; 19
131-(4) direct the investment of funds contributed to participant accounts 20
132-and professionally manage participant accounts, consistent with 21
133-(A) investment restrictions established by the administrator; 22
134-and 23
135-(B) standards of prudence; 24
136-(5) provide a range of investment options and establish the rules by 25
137-which a participant may direct the participant's investments among those options; 26
138-(6) obtain an external performance review to evaluate the investment 27
139-policies of the program and include the results in the report provided under (7) of this 28
140-subsection; 29
141-(7) by the first day of each regular legislative session, report to the 30
142-governor and legislature on the financial condition of the program and any civil 31 34-LS0254\I
143-SB0021B -5- CSSB 21(L&C)
125+(b) The board consists of nine trustees, as follows: 13
126+(1) the commissioner of labor and workforce development and the 14
127+commissioner of revenue; 15
128+(2) seven trustees appointed by the governor who meet the eligibility 16
129+requirements for an Alaska permanent fund dividend and who are professionally 17
130+credentialed or have recognized competence in investment management, finance, 18
131+banking, economics, or accounting. 19
132+(c) The trustees, other than the two commissioners, shall serve for staggered 20
133+terms of four years and may be reappointed to the board. 21
134+(d) The governor may, by written notice to the trustee, remove an appointed 22
135+trustee. After an appointed trustee receives written notice of removal, the trustee may 23
136+not participate in board business and may not be counted for purposes of establishing a 24
137+quorum. 25
138+(e) A vacancy on the board shall be promptly filled. A person filling a vacancy 26
139+holds office for the balance of the unexpired term of the person's predecessor. A 27
140+vacancy on the board does not impair the authority of a quorum of the board to 28
141+exercise all the powers and perform all the duties of the board. 29
142+(f) Five trustees constitute a quorum for the transaction of business and the 30
143+exercise of the powers and duties of the board. 31 34-LS0254\A
144+SB0021A -5- SB 21
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145146
146-penalties issued under the program; 1
147-(8) develop an annual operating budget; 2
148-(9) in accordance with Internal Revenue Code limits, set a minimum, 3
149-maximum, and default contribution rate and set a default rate for contribution 4
150-increases; 5
151-(10) allow a participant to adjust the rate of contributions to the 6
152-participant's account and the rate of increases to the contribution rate; 7
153-(11) establish a process to allow a participant to make contributions, in 8
154-addition to the participant's contributions through payroll deduction, to the 9
155-participant's account, including contributions from the participant's permanent fund 10
156-dividend; 11
157-(12) establish a process to allow a participant to withdraw funds from a 12
158-program account; 13
159-(13) deposit a contribution to the program directly in a participant 14
160-account; 15
161-(14) maintain separate records and accounting for each participant 16
162-account; 17
163-(15) provide program and account status reports to participants at least 18
164-once a year; 19
165-(16) allow participants to maintain a program account regardless of 20
166-employer; 21
167-(17) keep fees assessed to defray program administration costs low; 22
168-(18) disclose to employees, employers, and program participants 23
169-(A) the benefits and risks of contributing to the program; 24
170-(B) instructions on contributing to the program and changing 25
171-contribution rates; 26
172-(C) the process to opt out of the program; 27
173-(D) the process to withdraw funds from a participant account; 28
174-(E) how to obtain additional program information; 29
175-(F) that the program is not an employer-sponsored retirement 30
176-plan; 31 34-LS0254\I
177-CSSB 21(L&C) -6- SB0021B
147+(g) A trustee may not designate another person to serve on the board in the 1
148+absence of the trustee. 2
149+(h) The board shall provide annual training to the trustees on the duties and 3
150+powers of a fiduciary and other training as necessary to keep the trustees educated 4
151+about retirement program management and investment. 5
152+(i) The board shall elect a trustee to serve as chair and a trustee to serve as 6
153+vice-chair for one-year terms. A trustee may be reelected to serve additional terms as 7
154+chair or vice-chair. 8
155+Sec. 44.25.420. Powers and duties of the board. (a) The board shall 9
156+(1) develop and administer the program; 10
157+(2) adopt regulations to implement AS 44.25.400 - 44.25.490; 11
158+(3) establish a process for enrollment in the program, including 12
159+automatic employee enrollment and a process for an employee to opt out of the 13
160+program; 14
161+(4) direct the investment of funds contributed to participant accounts 15
162+and professionally manage participant accounts, consistent with 16
163+(A) investment restrictions established by the board; and 17
164+(B) standards of prudence; 18
165+(5) hold regular and special meetings at the call of the chair or of at 19
166+least five trustees; meetings are open to the public, and the board shall keep a full 20
167+record of all its proceedings; 21
168+(6) provide a range of investment options and establish the rules by 22
169+which a participant may direct the participant's investments among those options; 23
170+(7) obtain an external performance review to evaluate the investment 24
171+policies of the program and report the results to the department; 25
172+(8) by the first day of each regular legislative session, report to the 26
173+governor and legislature on the financial condition of the program and any civil 27
174+penalties issued under the program; 28
175+(9) develop an annual operating budget; 29
176+(10) in accordance with Internal Revenue Code limits, set a minimum, 30
177+maximum, and default contribution rate and set a default rate for contribution 31 34-LS0254\A
178+SB 21 -6- SB0021A
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180-(G) that financial advisors are best positioned to provide 1
181-financial advice and that employers are not liable for employee financial 2
182-decisions under AS 44.25.400 - 44.25.490; 3
183-(H) that the state, the program, and the administrator do not 4
184-guarantee participant accounts or a rate of return; 5
185-(I) how an employee may file a complaint against an employer 6
186-who fails to facilitate employee participation in the program. 7
187-(b) The administrator may 8
188-(1) contract for services necessary to execute the administrator's 9
189-powers and duties; 10
190-(2) employ outside investment advisors to review investment policies; 11
191-(3) establish and collect fees to defray program administration costs; 12
192-(4) consider and purchase pooled private insurance for the program; 13
193-(5) develop and conduct outreach about the program and retirement 14
194-savings; 15
195-(6) request that the commissioner of labor and workforce development 16
196-investigate an employer under AS 44.25.440; 17
197-(7) when prudent or necessary to do so for the benefit of the program, 18
198-enter into agreements, including contracts, memoranda of understanding, partnerships, 19
199-or other arrangements, with other governmental entities, including other states, or 20
200-agencies or instrumentalities of other states, that maintain or are establishing 21
201-retirement savings programs compatible with or similar to the program; 22
202-(8) change the default contribution rate and default rate for 23
203-contribution increases; 24
204-(9) use private sector partnerships to administer and invest 25
205-contributions to the program; 26
206-(10) access information held by, and enter into service agreements 27
207-with, other departments and agencies of the state. 28
208-Sec. 44.25.430. Confidentiality of information. (a) Individual account 29
209-information for participant accounts, including an account holder's name, address, 30
210-telephone number, personal identification information, contributions, earnings, and 31 34-LS0254\I
211-SB0021B -7- CSSB 21(L&C)
181+increases; 1
182+(11) allow a participant to adjust the rate of contributions to the 2
183+participant's account and the rate of increases to the contribution rate; 3
184+(12) establish a process to allow a participant to make contributions, in 4
185+addition to the participant's contributions through payroll deduction, to the 5
186+participant's account, including contributions from the participant's permanent fund 6
187+dividend; 7
188+(13) establish a process to allow a participant to withdraw funds from a 8
189+program account; 9
190+(14) deposit a contribution to the program directly in a participant 10
191+account; 11
192+(15) maintain separate records and accounting for each participant 12
193+account; 13
194+(16) provide program and account status reports to participants at least 14
195+once a year; 15
196+(17) allow participants to maintain a program account regardless of 16
197+employer; 17
198+(18) keep program administrative fees low; 18
199+(19) disclose to employees, employers, and program participants 19
200+(A) the benefits and risks of contributing to the program; 20
201+(B) instructions on contributing to the program and changing 21
202+contribution rates; 22
203+(C) the process to opt out of the program; 23
204+(D) the process to withdraw funds from a participant account; 24
205+(E) how to obtain additional program information; 25
206+(F) that the program is not an employer-sponsored retirement 26
207+plan; 27
208+(G) that financial advisors are best positioned to provide 28
209+financial advice and that employers are not liable for employee financial 29
210+decisions under AS 44.25.400 - 44.25.490; 30
211+(H) that the state does not guarantee participant accounts or a 31 34-LS0254\A
212+SB0021A -7- SB 21
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214-account balance, is confidential and not subject to disclosure as a public record. 1
215-(b) Notwithstanding (a) of this section, individual account information may be 2
216-disclosed 3
217-(1) to the extent necessary to administer the program in a manner 4
218-consistent with the tax laws of the state and the Internal Revenue Code; or 5
219-(2) if the account holder expressly agrees to the disclosure, in writing. 6
220-Sec. 44.25.440. Complaints. (a) An employee may file a complaint with the 7
221-commissioner of labor and workforce development alleging that an employer subject 8
222-to AS 44.25.400 - 44.25.490 failed to facilitate employee participation in the program. 9
223-(b) The commissioner of labor and workforce development may, upon 10
224-receiving an employee complaint or upon request of the administrator, investigate an 11
225-employer. If the commissioner determines that the employer was required but failed to 12
226-facilitate employee participation in the program for six months, the commissioner may 13
227-impose a civil penalty on the employer. 14
228-(c) The commissioner of labor and workforce development may impose on an 15
229-employer a civil penalty of up to $100 for each employee of the employer who is 16
230-eligible to participate in the program but for whom the employer does not facilitate 17
231-participation in the program. The commissioner may not impose penalties under this 18
232-section on a single employer that exceed $5,000 in a calendar year. 19
233-(d) The commissioner of labor and workforce development shall notify the 20
234-administrator when an employer has failed to facilitate employee participation in the 21
235-program and when the commissioner imposes a civil penalty on an employer. 22
236-(e) The administrator may notify an employer that has failed to facilitate 23
237-employee participation in the program that the employer may be subject to a civil 24
238-penalty for failure to comply with program requirements. 25
239-Sec. 44.25.490. Definitions. In AS 44.25.400 - 44.25.490, 26
240-(1) "administrator" means the commissioner of revenue or the 27
241-commissioner's designee; 28
242-(2) "employee" has the meaning given in AS 23.30.395; 29
243-(3) "employer" means a person or business that has employed one or 30
244-more other persons in the state for not less than one year and does not provide a
245-31 34-LS0254\I
246-CSSB 21(L&C) -8- SB0021B
215+rate of return; 1
216+(I) how an employee may file a complaint against an employer 2
217+who fails to facilitate employee participation in the program. 3
218+(b) The board may 4
219+(1) contract for services necessary to execute the board's powers and 5
220+duties; 6
221+(2) employ outside investment advisors to review investment policies; 7
222+(3) establish and collect fees to defray program administration costs; 8
223+(4) consider and purchase pooled private insurance for the program; 9
224+(5) develop and conduct outreach about the program and retirement 10
225+savings; 11
226+(6) request that the commissioner of labor and workforce development 12
227+investigate an employer under AS 44.25.470; 13
228+(7) enter into agreements with other states to provide services related 14
229+to retirement savings programs similar to the program; 15
230+(8) change the default contribution rate and default rate for 16
231+contribution increases; 17
232+(9) use private sector partnerships to administer and invest 18
233+contributions to the program; 19
234+(10) access information held by, and enter into service agreements 20
235+with, other departments and agencies of the state. 21
236+Sec. 44.25.430. Attorney general. The attorney general is the legal counsel for 22
237+the board and shall advise the board and represent the board in a legal proceeding. 23
238+Sec. 44.25.440. Compensation of trustees. A trustee, other than a trustee who 24
239+is an employee of the state, a political subdivision of the state, or a school district or 25
240+regional educational attendance area in the state, receives an honorarium of $400 for 26
241+each day spent at a meeting of the board, a meeting of a subcommittee of the board, a 27
242+public meeting as a representative of the board, or traveling to or from a meeting. A 28
243+trustee who is a state employee is entitled to administrative leave for service as a 29
244+trustee. A trustee who is an employee of a political subdivision of the state or a school 30
245+district or regional educational attendance area in the state is entitled to leave benefits 31 34-LS0254\A
246+SB 21 -8- SB0021A
247247 New Text Underlined [DELETED TEXT BRACKETED]
248248
249-qualified retirement plan to employees; 1
250-(4) "program" means the Alaska Work and Save Program; 2
251-(5) "qualified retirement plan" includes a plan qualified under 26 3
252-U.S.C. 401(a) or (k), 403(a) or (b), 408(k) or (p), or 457(b) (Internal Revenue Code). 4
253- * Sec. 5. This Act takes effect January 1, 2026. 5
249+provided by the trustee's employer comparable to leave benefits provided to state 1
250+employees for service as a trustee. A trustee is entitled to per diem and travel expenses 2
251+authorized for boards and commissions under AS 39.20.180. 3
252+Sec. 44.25.450. Staff. (a) The department shall provide staff for the board. 4
253+(b) The board may designate a trustee or an officer or employee of the 5
254+department to be responsible for signing on behalf of the board a deed, contract, or 6
255+other document that must be executed by or on behalf of the board. 7
256+Sec. 44.25.460. Confidentiality of information. (a) Individual account 8
257+information for participant accounts, including an account holder's name, address, 9
258+telephone number, personal identification information, contributions, earnings, and 10
259+account balance, is confidential and not a public record subject to disclosure. 11
260+(b) Notwithstanding (a) of this section, individual account information may be 12
261+disclosed 13
262+(1) to the extent necessary to administer the program in a manner 14
263+consistent with the tax laws of the state and the Internal Revenue Code; or 15
264+(2) if the account holder expressly agrees to the disclosure in writing. 16
265+Sec. 44.25.470. Complaints. (a) An employee may file a complaint with the 17
266+commissioner of labor and workforce development alleging that an employer subject 18
267+to AS 44.25.400 - 44.25.490 failed to facilitate employee participation in the program. 19
268+(b) The commissioner of labor and workforce development may, upon 20
269+receiving an employee complaint or upon request of the board, investigate an 21
270+employer. If the commissioner determines that the employer was required but failed to 22
271+facilitate employee participation in the program for six months, the commissioner may 23
272+impose a civil penalty on the employer. 24
273+(c) The commissioner of labor and workforce development may impose on an 25
274+employer a civil penalty of up to $100 for each employee of the employer who is 26
275+eligible to participate in the program but for whom the employer does not facilitate 27
276+participation in the program. The commissioner may not impose penalties under this 28
277+section on a single employer that exceed $5,000 in a calendar year. 29
278+(d) The commissioner of labor and workforce development shall
279+notify the 30
280+board when an employer has failed to facilitate employee participation in the program 31 34-LS0254\A
281+SB0021A -9- SB 21
282+ New Text Underlined [DELETED TEXT BRACKETED]
283+
284+and when the commissioner imposes a civil penalty on an employer. 1
285+(e) The board may notify an employer that has failed to facilitate employee 2
286+participation in the program that the employer may be subject to a civil penalty for 3
287+failure to comply with program requirements. 4
288+Sec. 44.25.490. Definitions. In AS 44.25.400 - 44.25.490, 5
289+(1) "board" means the Alaska Retirement Savings Board; 6
290+(2) "department" means the Department of Revenue; 7
291+(3) "employee" has the meaning given in AS 23.30.395; 8
292+(4) "employer" means a person or business that has employed one or 9
293+more other persons in the state for not less than one year and does not provide a 10
294+qualified retirement plan to employees; 11
295+(5) "program" means the Alaska Work and Save Program; 12
296+(6) "qualified retirement plan" includes a plan qualified under 26 13
297+U.S.C. 401(a) or (k), 403(a) or (b), 408(k) or (p), or 457(b) (Internal Revenue Code). 14
298+ * Sec. 5. The uncodified law of the State of Alaska is amended by adding a new section to 15
299+read: 16
300+ALASKA RETIREMENT SAVINGS BOARD; INITIAL APPOINTMENTS. 17
301+Notwithstanding AS 44.25.410(c), added by sec. 4 of this Act, and AS 39.05.055, trustees of 18
302+the Alaska Retirement Savings Board, other than the two commissioners, are appointed to 19
303+initial terms as follows: 20
304+(1) four trustees shall serve four-year terms; 21
305+(2) three trustees shall serve two-year terms. 22
306+ * Sec. 6. This Act takes effect January 1, 2026. 23