AR SB236

Establishes the Arkansas Small Business Voluntary Retirement Program as a cost-effective group retirement program allowing small nongovernmental employers (100 or fewer employees) and their employees to voluntarily participate through payroll deduction individual retirement accounts.

Creates a Board of Trustees to oversee program administration, consisting of 5 trustees initially and expanding to 9 trustees after the first year, with representation from state officials, retirement experts, participating employers, and participating employees.

Establishes two funds: a Program Fund (trust fund outside State Treasury) for participant retirement accounts and an Administrative Fund (in State Treasury) for program operating costs, with administrative costs capped at 0.75% of the fund after five years of operation.

Creates the Arkansas Small Business Voluntary Retirement Marketplace as a website maintained by the Department of Finance and Administration to connect small employers with private sector financial services firms offering retirement plans, requiring at least two approved providers and limiting fees to employers at zero and enrollees at no more than 1% of total fees.

Declares an emergency effective immediately upon the Governor's approval to address the retirement savings crisis affecting 530,000 Arkansas citizens lacking workplace retirement plan access.