This bill proposes to amend Title 38 of the Arizona Revised Statutes by adding Chapter 9, which establishes the Arizona retirement savings program. It introduces new definitions such as "Board," "Covered Employee," and "Covered Employer," and various retirement account types like "IRA," "Roth IRA," and "Traditional IRA." The Arizona retirement savings board will oversee the program, managing investments, conducting analyses, and educating participants. Covered employers will be required to automatically enroll employees in a payroll deduction IRA, with the option to opt out, and default contribution rates will be set.

The bill updates current statutes regarding penalties for covered employers, increasing the maximum penalty per covered employee from $10 before April 1, 2028, to $100 on or after October 1, 2030. It provides protections for employers unaware of enrollment failures and allows for penalties to be waived in cases of reasonable cause. The board will establish processes for enrollment, contributions, and outreach, while ensuring confidentiality of account information and maintaining accurate records. Appropriations from the state general fund will support the program's implementation and administration.