Retirement, State Facilitated Retirement Savings Program created

SB 173 establishes the Alabama Retirement Savings Program, a state-facilitated initiative designed to help private sector employees save for retirement. This program targets Alabamians whose employers, specifically those with 500 or fewer employees, do not currently offer a retirement plan. It allows eligible employees to voluntarily contribute to an individual retirement arrangement (IRA) through automatic payroll deductions. The Alabama Department of Workforce will administer the program, which includes managing a dedicated fund and potentially contracting with private financial institutions. Participation in the program is not mandated for employers or employees.