HB 597 KY
AN ACT relating to retirement income savings plans for private sector employees.
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Summary
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.
Sponsor (1)
- D. Gordon Republican · primary
Action history (3)
- Feb 9, 2026 introduced in House · lower
- Feb 9, 2026 to Committee on Committees (H) · lower
- Feb 17, 2026 to Small Business & Information Technology (H) · lower
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