04/05/2024 01:30 PM Senate LABOR & COMMERCE

        SB 135-AK WORK & SAVE PROGRM; RETIRE. SAVINGS BD                                                                    
                                                                                                                                
2:34:50 PM                                                                                                                    
CHAIR  BJORKMAN announced  the consideration  of SENATE  BILL NO.                                                               
135  "An  Act establishing  the  Alaska  Work and  Save  Program;                                                               
establishing the  Alaska Retirement Savings Board;  and providing                                                               
for an effective date."                                                                                                         
                                                                                                                                
2:35:11 PM                                                                                                                    
SENATOR BILL WIELECHOWSKI, District  K, Alaska State Legislature,                                                               
Juneau, Alaska, Sponsor  of SB 135 briefly introduced  SB 135. He                                                               
said  the idea  is  to  ensure small  businesses  can have  small                                                               
retirement accounts for  workers. He said SB 135  is supported by                                                               
American Association of Retired Persons (AARP).                                                                                 
                                                                                                                                
2:35:40 PM                                                                                                                    
CHAIR BJORKMAN opened public testimony on SB 135.                                                                               
                                                                                                                                
2:36:09 PM                                                                                                                    
GORDON GLASER,  representing self, Anchorage, Alaska,  said older                                                               
people  do not  want to  be  dependent on  [anyone] for  housing,                                                               
food,  transportation.  He  said   they  are  entitled  to  their                                                               
dignity.  He  said prevention  is  better  than remediation.  The                                                               
option to have a productive  pension program that is available to                                                               
give them that choice is the  best way to deal with this problem.                                                               
He shared a  Greek expression that said a healthy  society is one                                                               
in which  old people will  plant a  tree knowing they  will never                                                               
enjoy its shade. He urged the  committee to support SB 135 in the                                                               
interest of preserving the dignity  of retirees and comparing the                                                               
support to planting a tree for future retirees.                                                                                 
                                                                                                                                
2:37:25 PM                                                                                                                    
CHAIR BJORKMAN closed public testimony on SB 135.                                                                               
                                                                                                                                
2:37:34 PM                                                                                                                    
CHAIR BJORKMAN solicited a motion.                                                                                              
                                                                                                                                
2:37:43 PM                                                                                                                    
SENATOR MERRICK moved to adopt  the committee substitute (CS) for                                                               
SB 135, work order LS0495\U, as the working document.                                                                           
                                                                                                                                
2:37:54 PM                                                                                                                    
CHAIR BJORKMAN objected for purposes of discussion.                                                                             
                                                                                                                                
2:38:02 PM                                                                                                                    
HUNTER  LOTTSFELDT,   Staff,  Senator   Wielechowski,  Anchorage,                                                               
Alaska said the only change in the  CS to SB 135 is to change the                                                               
effective  date  to  July  2025  from  July  2024  to  allow  the                                                               
administration time to set up the program.                                                                                      
                                                                                                                                
2:38:27 PM                                                                                                                    
CHAIR BJORKMAN said  a number of questions and  comments posed by                                                               
the Permanent  Fund Division and  the Treasury had  been received                                                               
by his office.  He suggested those questions would  be best dealt                                                               
with in [Senate] finance [Committee].                                                                                           
                                                                                                                                
2:39:04 PM                                                                                                                    
CHAIR  BJORKMAN  removed  his  objection.  He  found  no  further                                                               
objection and CSSB 135 was adopted as the working document.                                                                     
                                                                                                                                
2:39:18 PM                                                                                                                    
CHAIR BJORKMAN solicited the will of the committee.                                                                             
                                                                                                                                
2:39:30 PM                                                                                                                    
SENATOR  MERRICK moved  to report  the committee  substitute (CS)                                                               
for SB  135, work order  LS0495\U from committee  with individual                                                               
recommendations and attached fiscal note(s.)                                                                                    
                                                                                                                                
2:39:42 PM                                                                                                                    
CHAIR BJORKMAN found no objection  and CSSB 135(L&C) was reported                                                               
from the [Senate Labor and Commerce Standing Committee].