HB1349 Summary: Every Arkansan Retirement Plan Opportunity Act

• Establishes a voluntary multi-employer retirement savings plan for private sector workers in Arkansas, including employees, self-employed individuals, and independent contractors without access to employer-sponsored retirement plans.

• Creates an oversight board housed in the Office of the Treasurer of State, consisting of the Treasurer, appointees from the Governor and Treasurer with retirement and small business expertise, and two retired individuals appointed by legislative leaders.

• Requires automatic enrollment of eligible employees at 5% salary contribution (with opt-out option) and allows voluntary employer contributions, with total plan fees capped at 0.75% of assets after a 3-year startup period.

• Restricts initial rollover contributions to $75,000 combined and requires employers accumulating $600,000 in plan assets to withdraw and transition to private management.

• Implements the plan within one year of enactment with possible phased implementation for different employer sizes and individual classes, with board appointments required within 180 days.