26RS HB 597

House Bill 597

Actions

Last Action	02/09/26: to Committee on Committees (H)
Title	AN ACT relating to retirement income savings plans for private sector employees.
Bill Documents	Introduced
Bill Request Number	1473
Sponsor	D. Gordon
Summary of Original Version	Create new sections of KRS Chapter 41 to establish the Commonwealth Retirement Savings Plan as a voluntary payroll-deduction Roth IRA savings program for employees of private employers with fewer than 50 employees; define terms; create a governing board of trustees and specify responsibilities of the board in plan design and oversight; require the board to contract with a third-party administrator for plan administration; establish that the plan shall be implemented and enrollment of employees shall begin on July 1, 2028, if adequate funds to administer the plan are available; amend KRS 154.12-330 to authorize the Kentucky Economic Development Finance Authority to lend funds to help implement the plan; require the State Treasurer, on or before July 1, 2027, to provide the Legislative Research Commission with a written update on the plan's implementation status.
Index Headings of Original Version	Administrative Regulations And Proceedings - Commonwealth Retirement Savings Board, authority to promulgate administrative regulations Banks And Financial Institutions - Commonwealth Retirement Savings Plan, private employer Roth IRA, establishment Boards And Commissions - Commonwealth Retirement Savings Plan, private employer Roth IRA, establishment Business Entities And Organizations - Commonwealth Retirement Savings Plan, private employer Roth IRA, establishment Federal Laws And Regulations - Commonwealth Retirement Savings Plan, private employer Roth IRA, establishment Fiduciaries - Commonwealth Retirement Savings Plan, private employer Roth IRA, establishment Financial Responsibility - Commonwealth Retirement Savings Plan, private employer Roth IRA, establishment Funds - Commonwealth Retirement Savings Plan, private employer Roth IRA, establishment Investments - Commonwealth Retirement Savings Plan, private employer Roth IRA, establishment Labor And Industry - Commonwealth Retirement Savings Plan, private employer Roth IRA, establishment Personnel And Employment - Commonwealth Retirement Savings Plan, private employer Roth IRA, establishment Reports Mandated - Treasurer, Commonwealth Retirement Savings Plan, implementation report Retirement And Pensions - Commonwealth Retirement Savings Plan, private employer Roth IRA, establishment Treasurer - Commonwealth Retirement Savings Plan, private employer Roth IRA, establishment Wages And Hours - Commonwealth Retirement Savings Plan, private employer Roth IRA, establishment Workforce - Commonwealth Retirement Savings Plan, private employer Roth IRA, establishment