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AR SB683

Bill

Status

Introduced

4/13/2021

Primary Sponsor

Kim Hammer

Click for details

Origin

Senate

93rd General Assembly (2021 Regular)

AI Summary

  • Amends Arkansas Code Title 11 to create Chapter 16 establishing the "Arkansas Plan Portal," a web-based portal managed by the Treasurer of State to connect small businesses with investment advisors.

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

  • Requires the portal to enable small businesses and investment advisors to submit information, enter basic criteria to generate matching lists, and facilitates email contact between matched parties.

  • Mandates the Treasurer of State to partner with the Department of Finance and Administration to create employer contact listings and submit bi-annual usage reports to three legislative committees.

  • Requires the Treasurer of State to create and implement the portal within 6 months and directs unmatched small businesses to state-sponsored retirement planning options after 45 days without advisor contact, with state liability protection included.

Legislative Description

To Provide For An Arkansas Plan Portal.

Last Action

Sine Die adjournment

10/15/2021

Committee Referrals

State Agencies & Governmental Affairs4/13/2021

Full Bill Text

No bill text available