HB1295 Summary: Every Arkansan Retirement Plan Opportunity Act

• Establishes a voluntary, multiple-employer retirement savings plan available to private-sector employers without existing retirement plans and self-employed individuals in Arkansas.

• Automatically enrolls eligible employees at a 5% contribution rate (pre-tax or Roth 401(k)) unless they opt out or choose a different rate, with possible annual increases up to 10%.

• Creates an Every Arkansan Retirement Plan Opportunity Board housed in the Office of the Treasurer of State, consisting of seven members including the Treasurer, two appointees with retirement and small business expertise, and representatives from state agencies.

• Requires fees and expenses to remain below 0.75% of total plan assets after a three-year startup period and mandates annual audits and reports to the Joint Interim Committee on Public Retirement and Social Security Programs.

• Provides liability protections for the state, employers, and the plan; prohibits the plan from guaranteeing investment returns; and establishes that all plan contributions and earnings are fully owned by participants.