AlaskaSB 2134th Legislature - First Session (2025)SenateWALLET

AK WORK & SAVE PROGRM; RETIRE. SAVINGS BD

Sponsored By: Bill Wielechowski (Democratic)

Became Law

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Bill Overview

Analyzed Economic Effects

4 provisions identified: 1 benefits, 1 costs, 2 mixed.

New state retirement savings program

Beginning January 1, 2027, Alaska runs a Work and Save program for workers without a job-based plan. The Department of Revenue manages the accounts as trustee, offers investment choices, and keeps fees low. You can save by payroll deduction and can add money in other ways, including from your PFD. The administrator gets an outside performance review and reports to the governor and legislature each year.

Small employers must help workers save

Beginning January 1, 2027, businesses that have over five employees in Alaska for at least three years and do not offer a qualified plan must facilitate Work and Save enrollment. You can avoid this duty by offering your own qualified retirement plan. Employees can file complaints if you do not facilitate participation. The administrator can investigate and provide advice and training.

Automatic enrollment and privacy for workers

Beginning January 1, 2027, eligible employees are enrolled by default in Work and Save at a set contribution rate, with automatic increases. You can opt out at any time or choose your own rate. Anyone earning pay in Alaska can choose to join. Your account details and any complaint identity are confidential and shared only to run the program or with your written consent.

Send your PFD to savings or charities

Beginning January 1, 2027, if you file your PFD online, you can send part or all of it to your Work and Save account, certain state funds, or listed groups. You can choose $25, $50, $75, $100, or more in $50 steps, up to your full dividend. If your picks total more than your PFD, money goes out in your chosen order until the dividend is used. The state posts a public, searchable list of eligible recipients and sends you a statement you can use for federal taxes. A 7% coordination fee is withheld from donations to listed organizations and campuses, but not from contributions to Work and Save or to the crime victim or peace officer/firefighter survivors’ funds.

Sponsors & Cosponsors

Sponsor

Bill Wielechowski
Democratic • Senate

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 15 • No: 4

Senate vote • 4/22/2026

PASSED Y15 N4 E1