The proposed bill would amend current statutes regarding participation in supplemental employee deferral plans overseen by the Arizona State Retirement System (ASRS). Under current law, employees of employers not participating in a public retirement system can elect to participate in these plans if they meet ASRS eligibility requirements. The bill would update this by specifying that employees of political subdivisions or entities who are participating in the Public Safety Personnel Retirement System (PSPRS) or any PSPRS-administered retirement plan are not eligible to participate in the supplemental employee deferral plan.

Additionally, the bill clarifies that employees of ASRS employers who are not participating in PSPRS or a PSPRS-administered retirement plan may elect to participate in the supplemental employee deferral plan. This change aims to streamline eligibility criteria and ensure that those already covered by PSPRS do not have access to the supplemental plans, thereby maintaining the integrity of the retirement systems.

Statutes affected:
Introduced Version: 38-781
House Engrossed Version: 38-781
Chaptered Version: 38-781