Bill > HB2839

This bill establishes the Arizona Retirement Savings Board to develop and maintain the Arizona Retirement Savings Program, which will allow eligible individuals in Arizona to choose whether to contribute to an individual retirement account (IRA) through a payroll deduction arrangement with their employer. The program will automatically enroll covered employees into a Roth IRA, with the option to opt-out or elect a different contribution rate or investment option. The bill sets deadlines for when covered employers of different sizes must offer the program to their employees, and allows the Board to impose penalties on covered employers that fail to enroll their employees without reasonable cause. The bill also appropriates $1.6 million from the state general fund to the Board for the purposes of establishing and operating the program.

Budget and Finance

https://apps.azleg.gov/BillStatus/BillOverview/81456