Kansas HB2649 establishes the Kansas Empowerment Savings Program, an automatic payroll deduction retirement savings program for eligible employees.
Kansas HB2649 establishes the Kansas Empowerment Savings Program within the state treasurer's office. The program automatically enrolls eligible employees in individual retirement accounts with a default contribution of 5% of their wages. Employers are not liable for employee investment decisions or program administration. The program aims to maximize participation, savings, and investment practices, ensuring portability and financial security in retirement.
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