SB608 Summary

• Creates a web-based "Arkansas Retirement Plan Portal" administered by the Treasurer of State to connect small businesses with investment advisors in their geographic area

• Defines "small business" as enterprises with fewer than 500 employees and less than $80 million in gross sales or receipts, including sole proprietorships

• Portal enables small businesses and investment advisors to submit information, search for matches based on basic criteria, and exchange contact information via automated emails

• Requires the Treasurer to partner with the Department of Finance and Administration to maintain employer and investment advisor listings, and report biannually to the Joint Committee on Public Retirement and Social Security Programs

• Directs small business information to state-sponsored retirement planning options if no qualifying investment advisor is found or selected advisors do not respond within 45 days; limits state liability for data breaches, advisor actions, or business losses