ARIZONA HOUSE OF REPRESENTATIVES

Fifty-fifth Legislature

Second Regular Session

Senate: FIN DPA 8-2-0-0 | 3rd Read 22-4-4-0

SB 1375: retirement savings program; state treasurer

S/E: study committee; retirement savings programs

Sponsor: Senator Gray, LD  21

Committee on Government & Elections

 

Summary of the Strike-Everything Amendment to SB 1375

Overview

Creates, as session law, the Public-Private Partnerships Retirement Savings Programs Study Committee (Committee).

History

One of the primary purposes of ASRS includes contributing toward providing a total compensation package that is generally equivalent to employment that is comparable in other public and private organizations in Arizona. Additionally, the intent of ASRS is to provide a retirement system that encourages employees to remain in service for periods of time that will provide employers with the benefit of training and experience gained by employees (A.R.S. § 38-712).

Provisions

1.   ☐ Prop 105 (45 votes) ☐ Prop 108 (40 votes) ☐ Emergency (40 votes) ☐ Fiscal NoteEstablishes, as session law, the Committee and outlines the membership. (Sec. 1)

2.   Specifies that Committee members are not eligible to receive compensation for their expenses. (Sec. 1)

3.   Directs the Committee to search and make recommendations regarding:

a)   The mechanisms that could help Arizona citizens be prepared to retire in a financially secure manner, including the operation of a public-private partnership individual retirement program for self-employed individuals, independent contractors and those whose employer does not offer an employer sponsored program (eligible employees);

b)   The optimal oversight for a public -private partnership individual retirement program for eligible employees;

c)   The operation and regulatory burden of small businesses that want to offer retirement savings options to employees but are unable to do so;

d)   The benefits and feasibility of partnering with other similar programs established in other jurisdictions; and

e)   Potential legislation to address the issues identified by the Committee. (Sec. 1)

4.   Instructs the Committee, by December 1, 2022, to submit a report about the Committee's activities and recommendations for legislative or administrative action to the President of the Senate, the Speaker of the House of Representatives and a copy to the Secretary of State. (Sec. 10

5.   Repeals the Committee on January 1, 2023. (Sec. 1)

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9.                     SB 1375

10.  Initials SJ  Page 0 Government & Elections

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