AZ HB2090

Establishes a new defined contribution retirement plan option for employees hired on or after the effective date who would otherwise be members of the Arizona State Retirement System (ASRS), Public Safety Personnel Retirement System, or Corrections Officer Retirement Plan.

Employees electing the defined contribution plan must do so within 30 days of employment and the election is irrevocable for the remainder of employment with that employer.

Employees contribute 7.5% of compensation through salary reduction; employers contribute the difference between the standard contribution rate and an alternate contribution rate (up to 8%), with both contributions and earnings immediately vested.

Extends defined contribution plan participation eligibility to include coverage under group health and accident insurance provisions and allows retirees to participate in health insurance programs.

Amends existing retirement system provisions (ASRS, Public Safety Personnel System, Corrections Officer Plan, and Elected Officials' systems) to exclude employees who elect the defined contribution plan option from mandatory participation in those systems.