To Establish The Every Arkansan Retirement Plan Opportunity Act.
Impact
If enacted, HB1335 would expand access to retirement savings options for many Arkansans who currently lack sufficient savings for retirement. This could significantly impact state laws regarding retirement plans and workers' rights, providing a framework that encourages savings among a broader segment of the workforce. The establishment of a state-sponsored plan could also spur additional legislative measures aimed at enhancing financial literacy and retirement planning resources for residents, further securing the long-term financial health of the state's populace.
Summary
House Bill 1335, known as the Every Arkansan Retirement Plan Opportunity Act, aims to establish a state-sponsored retirement savings program for employees in Arkansas. The initiative seeks to address the growing concern about retirement security among the working population, particularly those in lower-income brackets who may not have access to employer-sponsored retirement plans. The bill proposes an automatic enrollment system where eligible workers would be enrolled in the retirement plan unless they opt out, thereby encouraging saving for retirement without requiring proactive enrollment steps from employees.
Contention
There are notable points of contention surrounding HB1335. While proponents argue that the bill will greatly enhance retirement security for Arkansas residents, some critics express concerns regarding the financial implications for the state and potential burdens on employers. Opponents worry that automatic enrollment might lead to complacency among workers, who may not realize the importance of actively managing their retirement savings. Additionally, questions have arisen regarding the sustainability of the state-sponsored plan and how it might interact with existing private retirement savings options.
To Terminate The Arkansas Health And Opportunity For Me Program; And To Transfer All Beneficiaries In The Arkansas Home And Opportunity For Me Program To The Traditional Arkansas Medicaid Program.
To Create The Arkansas Employment First Act; To Establish The Arkansas Office Of Employment First; To Establish The Employment First Advisory Committee; And To Establish The Employment First Business Partner Program.
To Amend The Law Concerning Age And Years Of Service Requirements Under The Various State Retirement Systems And Arkansas Public Employee Retirement Plans.
To Amend Arkansas Constitution, Article 19, ยง 14, And Arkansas Law To Provide That Lottery Proceeds May Be Used For Scholarships And Grants To Arkansans Enrolled In Vocational-technical Schools And Technical Institutes.
To Establish The Arkansas State Apprenticeship Agency Act; To Establish The Arkansas State Apprenticeship Agency; And To Establish The Arkansas Apprenticeship Council.