Bill > HB4126

This bill establishes the Arizona Retirement Savings Program, overseen by the Arizona Retirement Savings Board, to help individuals employed or self-employed in Arizona save for retirement. The program will offer payroll deduction Individual Retirement Accounts (IRAs), primarily Roth IRAs, with automatic enrollment for employees of "covered employers" (businesses operating in Arizona that do not already offer a qualifying retirement plan). Covered employees will be automatically enrolled to contribute 5% of their wages, with the option to opt out or adjust their contribution rate, and their contributions will be invested with a focus on low fees and professional management. The bill also outlines the duties of the board, including developing investment policies, contracting with program administrators, and educating participants, while clarifying that employers are not liable for investment decisions or program administration. An initial appropriation of $1,600,000 is made to fund the program's establishment and initial operations.

Budget and Finance

https://apps.azleg.gov/BillStatus/BillOverview/85659