AK HB338

Establishes the Alaska Work and Save Program within the Department of Revenue to provide retirement savings accounts for employees whose employers do not offer qualified retirement plans

Requires employers without retirement plans who have employed workers for at least one year to facilitate employee participation; employees are automatically enrolled at a default contribution rate but may opt out or adjust their contribution levels

Allows participants to contribute through payroll deductions and through voluntary contributions from their Alaska Permanent Fund Dividend (in increments of $25, $50, $75, $100, or more up to $50)

Authorizes civil penalties of up to $100 per eligible employee (capped at $5,000 per employer annually) for employers who fail to facilitate participation for six months

Takes effect January 1, 2027