Arizona Senate Bill SB1375

Arizona 2022 Regular Session

• Introduced: 1/25/22
• Report Pass: 2/9/22
• Report Pass: 2/21/22
• Engrossed: 3/1/22
• Report Pass: 3/23/22
• Report Pass: 4/11/22
• Enrolled: 4/26/22
• Passed: 5/2/22
• Chaptered: 5/2/22

Caption

Study committee; retirement savings programs

Impact

The establishment of this committee represents a significant step towards addressing retirement savings challenges in Arizona. By focusing on public-private partnerships, the bill aims to create solutions that assist citizens in achieving financial security in their retirement years. The committee's research will examine barriers that prevent Arizonans from saving, which may lead to recommendations and potential legislation aimed at facilitating better access to retirement savings options, particularly for those without employer-sponsored plans.

Summary

Senate Bill 1375 establishes a study committee in Arizona focused on public-private partnerships for retirement savings programs. The committee is tasked with researching methods to help Arizonans prepare for retirement and evaluate the potential establishment of an individual retirement program aimed at employees without employer-sponsored plans. Members of this committee include representatives from both legislative houses, a state treasurer or their designee, and various stakeholders including advocates for seniors, small businesses, and financial advisors.

Sentiment

The sentiment surrounding SB 1375 appears to be generally supportive, particularly among stakeholders who recognize the importance of retirement savings accessibility. Advocates argue that creating more retirement savings options will empower Arizonans, especially those in small businesses and freelance positions who may lack traditional benefits. However, there may be concerns about the operational feasibility of proposed solutions, which could lead to debates regarding the structure and regulation of such programs.

Contention

Notably, the bill includes provisions for comprehensive research into the regulatory implications of establishing a public-private partnership retirement savings program. The committee will delve into challenges facing employers who do not currently offer retirement plans, as well as the impact of existing legislation such as the SECURE Act on small businesses. This exploration of existing barriers and operational burdens may highlight potential contention points, especially regarding the complexity of regulatory compliance and the balance between public oversight and private partnership autonomy.