ARIZONA HOUSE OF REPRESENTATIVES Fifty-sixth Legislature First Regular Session
	House: WM DP 10-0-0-0 | 3rd Read 56-4-0-0

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HB 2029: ASRS; supplemental deferral plan; participation

Sponsor: Representative Livingston, LD 28

House Engrossed

Overview

Allows a political subdivision and political subdivision entities that do not already participate in the Arizona State Retirement System (ASRS) to allow their employees to participate solely in an ASRS supplemental employee deferral plan.

History

ASRS is allowed to establish a supplemental employee deferral plan for employees of ASRS employers. A supplemental employee deferral plan is a tax deferred annuity, as described in the Internal Revenue Code (IRC), and that complies with the sections of the IRC under which the plan is adopted and maintained. (A.R.S. § 38-781)

Provisions

1. Allows employees of a political subdivision and political subdivision entities that are not participating in ASRS to elect to allow their employees to participate in a supplemental employee deferral plan. (Sec. 1)

2. Specifies that a political subdivision or political subdivision entity that participates in a supplemental employee deferral plan is not an ASRS employer and that the employees are not ASRS members. (Sec. 1)

3. Provides that an employer may not indicate or imply to their potential employees that the employer offers any ASRS benefits other than the supplemental employee deferred compensation plan. (Sec. 1)

4. Makes conforming changes. (Sec. 1)

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8.                   HB 2029

9. Initials VP  Page 0 House Engrossed

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