HB 2029
Initials VP Page 1 Ways & Means
ARIZONA HOUSE OF REPRESENTATIVES
Fifty-sixth Legislature
First Regular Session
HB 2029: ASRS; supplemental deferral plan; participation
Sponsor: Representative Livingston, LD 28
Committee on Ways & Means
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. Makes conforming changes. (Sec. 1)
☐ Prop 105 (45 votes) ☐ Prop 108 (40 votes) ☐ Emergency (40 votes) ☐ Fiscal Note