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

Also relevant to:Senior (65+, Medicare/SS)

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Plain-English Summary

This bill creates the Alabama Retirement Savings Program, a state-facilitated retirement savings program for private sector employees whose employers do not offer a retirement plan. The program allows eligible employees to contribute a portion of their wages to an individual retirement account (IRA) through payroll deductions. The Alabama Department of Workforce will administer the program, which aims to increase retirement savings for Alabamians.

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