HB 2063 Summary

• Establishes the Arizona Secure Choice Retirement Savings Trust and Program to provide voluntary retirement savings accounts for private employees in Arizona who lack access to employer-sponsored retirement plans.

• Creates a 7-member board chaired by the state treasurer to administer the program, including representatives from state government, business, and employees with fiduciary duties and investment policy requirements.

• Requires eligible employers with 5+ employees to offer payroll deduction IRA arrangements on a phased timeline: employers with 100+ employees within 3 months, 50+ employees within 6 months, and all others within 9 months of program opening.

• Automatically enrolls eligible employees at a default 3% contribution rate (adjustable between 2-4% by board rule) unless they opt out, with employees able to terminate participation at any time.

• Specifies that the state and employers bear no liability for investment performance, protects employers from fiduciary responsibility, and requires the program to terminate on July 1, 2024 unless extended.