LITTLE ROCK, Ark. (KAIT/KARK) - A plan that would allow banks in the Natural State to begin 401k plans for the communities was sent to an interim study committee Friday as a state lawmaker said it would help individuals have more opportunities in their retirement.
According to a report from Little Rock television station KARK, State Rep. Les Warren (R-Hot Springs) spoke to the Joint Retirement committee about the proposal.
Warren said the proposal would help people, especially those who might be entering their retirement without a 401k to use.
“An employer sometimes avoids this because of the cost of setting up a retirement plan,” Warren told the committee. “But if they can get it through another source and the business does not have to pay for it and a business owner would contribute to a plan, I would just like to explore that option.”
KARK reported that the State Treasurer’s office first supported the idea and went to Warren during the session with a proposal. However, the plan could not get enough support.