HB 2029
Initials VP Page 1 House Engrossed
ARIZONA HOUSE OF REPRESENTATIVES
Fifty-sixth Legislature
First Regular Session
House: WM DP 10-0-0-0 | 3rd Read 56-4-0-0
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)
☐ Prop 105 (45 votes) ☐ Prop 108 (40 votes) ☐ Emergency (40 votes) ☐ Fiscal Note