Proposed bill requires retirement savings for new state employees

Senator Johnny Key of District 17 has proposed Senate Bill 232 that would require automatic enrollment in a deferred compensation plan and would provide opt-out provisions of new state employees. According to the bill the average life expectancy in the U.S. is 78 years of age. The average retirement age in the U.S. is 64 years of age for men and 62 years of age for women. As stated in the bill, “Arkansans should be encouraged to begin saving for their retirement early and participation in a deferred compensation plan is important for Arkansas’ financial security.”

SB232

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