Establishes a voluntary payroll-deduction Roth IRA for private sector employees of small businesses in Kentucky.
The bill creates the Commonwealth Retirement Savings Plan, a voluntary payroll-deduction Roth IRA for private sector employees of small businesses in Kentucky. Employers can choose to participate and facilitate payroll deductions for employees who affirmatively elect to enroll. The plan is administered by a board of trustees, which includes the State Treasurer and other members with expertise in retirement savings. The board is responsible for designing, establishing, and operating the plan in accordance with best practices, ensuring simplicity, efficiency, and cost-effectiveness.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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