SB 21 Alaska Senate · 34th Legislature (2025-2026)

An Act establishing the Alaska Work and Save Program in the Department of Revenue; relating to depositing permanent fund dividends into investment accounts; and providing for an effective date.

SB 21 establishes Alaska's Work and Save Program, allowing residents receiving the Alaska Permanent Fund Dividend (PFD) to automatically contribute portions of their PFD payment to retirement savings. The bill creates the Alaska Retirement Savings Board to oversee the program and requires employers without retirement plans to facilitate employee enrollment. Key provisions include automatic enrollment at a default contribution rate, optional annual increases, and a 7% administrative fee (not deducted from PFD payments). The program directly affects PFD recipients and private-sector employees in Alaska who lack employer-sponsored retirement plans.

Bill status vetoed 4 of 5 stages cleared

Introduction

Jan 2025

Committee Review

May 2026

Senate Passage

Apr 2026

House Passage

May 2026

Vetoed

Jun 2026

Introduced Jan 22, 2025 Vetoed Jun 19, 2026

Maddy AI version diff · 3 comparisons

What changed between versions

CSSB 21(FIN) → Enrolled SB 21 · 3 edits

MINOR

The bill was finalized and formatted into official law, retaining the core provisions of the Alaska Work and Save Program. The primary substantive change is the addition of a new section allowing permanent fund dividends to be automatically deposited into individual investment accounts, expanding the program's scope beyond just employer contributions. The text also includes a risk disclosure stating that participants assume the risk of investment losses.

Scope change

The bill's scope expanded to include a new mechanism for depositing permanent fund dividends directly into investment accounts, in addition to the existing employer-based contributions.

SCOPE

A new section was added to allow applicants to direct permanent fund dividends to be deposited into their personal investment accounts.

REQUIREMENT

The application form must now notify applicants that they assume the risk of investments made with their dividends.

TECHNICAL

The document was converted from a committee draft to an enrolled law, updating headers, footers, and page numbering to reflect official enactment.

Floor votes

How they voted

This bill passed the Senate by voice vote (no roll call recorded).

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Jun 19, 2026

Vetoed

(S) GOVERNOR VETO SUSTAINED Y39 N21

upper

Jun 19, 2026

Vetoed

(S) MOTION TO OVERRIDE VETO

upper

Jun 19, 2026

Vetoed

(S) VETOED BY GOVERNOR 6/18/26

upper

May 18, 2026

Lower · Passed

(H) TRANSMITTED TO (S) AS AMENDED

lower

May 18, 2026

Lower · Passed

(H) PASSED Y31 N9

lower

May 18, 2026

Lower · Passed

(H) L&C HCS ADOPTED UC

lower

May 17, 2026

Lower · Passed

(H) Moved HCS CSSB 21(L&C) Out of Committee -- Recessed to a Call of the Chair --

lower

May 4, 2026

Lower · Passed

(H) Moved HCS CSSB 21 (L&C) Out of Committee -- Delayed to 10 min. Following Session --

lower

Apr 22, 2026

Upper · Passed

(S) TRANSMITTED TO (H)

upper

Apr 22, 2026

Upper · Passed

(S) PASSED Y15 N4 E1

upper

Apr 21, 2026

Upper · Passed

(S) FIN CS ADOPTED UC

upper

Mar 26, 2026

Upper · Passed

(S) Moved CSSB 21(FIN) Out of Committee

upper

Apr 7, 2025

Upper · Passed

(S) Moved CSSB 21(L&C) Out of Committee

upper

1 primary · 16 co-sponsors