AZ SB1332

Establishes the Arizona Secure Choice Retirement Savings Trust and Program to provide voluntary retirement savings accounts for private employees through payroll deductions.

Creates a 7-member board including the state treasurer (chair), director of financial institutions, and appointed members with expertise in retirement savings, small business, and employee representation to administer the trust.

Requires eligible employers with 5+ employees that do not offer retirement plans to provide payroll deposit arrangements allowing employees to contribute 2-4% of wages to individual retirement accounts (IRAs), with automatic enrollment unless employees opt out.

Shields employers and the state from liability for investment performance and employee decisions, establishing that employers are not fiduciaries and the program is privately insured, not state-guaranteed.

Program terminates July 1, 2026 pursuant to automatic sunset provisions, with the board required to publish annual audited financial reports and maintain investment oversight to manage risk.