AR SB232

Requires state employees beginning employment on or after January 1, 2014, to be automatically enrolled in the Arkansas Diamond Deferred Compensation Plan with an option to opt out.

Sets automatic contribution rate at 3% of the employee's annual compensation, with employees able to elect to contribute a greater or lesser amount.

Allows employees to elect out of participation within 90 days of their first contribution, with the Executive Director authorized to refund the balance of their deferred compensation account.

Requires the Executive Director of the Employee Benefits Division to provide notice to employees within 30 days of their first contribution and at the beginning of each plan year.

Authorizes the Department of Finance and Administration Director to promulgate rules implementing the automatic enrollment provision and ensuring compliance with federal tax qualification requirements.