ARIZONA HOUSE OF REPRESENTATIVES Fifty-fifth Legislature First Regular Session
	Senate: FIN DP 9-0-1-0 | 3^rd Read 29-0-1-0 House: GE DP 13-0-0-0 | 3^rd Read 60-0-0-0

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SB 1053: ASRS; nonparticipatory employer liability (Substituted for HB 2356)

Sponsor:  Senator Livingston, LD 22

Transmitted to the Governor

Overview

Removes the requirements for the Arizona State Retirement System (ASRS) to establish a separate fund for certain nonparticipating employers.

History

Current statute requires ASRS to establish a separate fund for an employer other than a charter school that is no longer participating in ASRS as a result of any of the following:

1) The character of the employer changes from a public to a private entity;

2) An employer, other than this state, dissolves; or

3) Through legislative action, the employer is no longer enrolling new employees in ASRS or no longer contributing to ASRS on behalf of current employees.

ASRS is additionally required to establish a separate fund for an employer who employs at least 50 employees as of one year before the employer's nonparticipation date and who is no longer participating in ASRS (A.R.S. § 38-751).

Provisions

1. Repeals statute that requires ASRS to establish a separate fund for an employer that is based on the number of contributing employees if certain conditions apply. (Sec. 1)

2. Eliminates the ability of a nonparticipating employer to participate in ASRS after the employer's nonparticipation date. (Sec. 1)

3. Makes technical and conforming changes. (Sec. 1)

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7.                   HB 2356

8. Initials SJ  Page 0 Transmitted

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