Private sector employers and employees; to create the Alabama Retirement Savings Program for the purpose of promoting greater retirement savings for private sector employees

Summary

The bill establishes the Alabama Retirement Savings Program, an automatic‑enrollment payroll‑deduction IRA administered by the Alabama Department of Workforce. It is aimed at small private employers (500 or fewer employees), self‑employed individuals and their employees to help them build retirement savings. Funding comes from participant and employer contributions, while an administrative fund may receive grants or other monies.

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