HB1335
To Establish The Every Arkansan Retirement Plan Opportunity Act.
Last Action (May 5, 2025): Died in House Committee at Sine Die adjournment.
Sponsors
AI-Generated Summary
House Bill 1335, titled the 'Every Arkansan Retirement Plan Opportunity Act,' is a legislative proposal intended to establish a state-level retirement savings framework. The bill, as currently introduced, serves as an enabling act to set the purpose and title of the legislation. While the text provided does not detail the specific mechanisms, eligibility requirements, or administrative structures of the retirement plan, it serves as the foundational legal document for the program's creation. The act aims to increase retirement savings opportunities for Arkansas residents. Further legislative action would be required to define the full operational parameters of the plan.
Potential Impact Analysis
Who Might Benefit?
The primary beneficiaries would likely be Arkansas workers, particularly those who currently lack access to employer-sponsored retirement savings plans, such as employees of small businesses or independent contractors. If the program includes state-facilitated payroll deductions or portable savings options, these groups would benefit from an increased ability to save for their retirement.
Who Might Suffer?
The bill could negatively impact small businesses if they are required to administer, facilitate, or contribute to the new retirement plan, potentially increasing their administrative burdens or operational costs. Additionally, private sector financial institutions or retirement plan providers might experience increased competition from a state-facilitated program, potentially impacting their market share or profit margins.
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