AZ HB2035

Changes the article heading for deferred compensation plans from "TAX DEFERRED ANNUITY AND DEFERRED COMPENSATION PROGRAMS" to "DEFERRED COMPENSATION PLANS" in title 38, chapter 5, article 5 of Arizona Revised Statutes.

Modifies the composition of the deferred compensation governing committee to include three members appointed by the governor who are either plan participants with account balances or members of the public with at least ten years of experience in finance, investment management, or pension/retirement plans.

Adds conflict of interest provisions requiring governing committee members to comply with title 38, chapter 3, article 8.

Requires the governing committee to arrange for performance reviews or benchmarking surveys of plans at least every five years and removes the requirement that meetings occur monthly.

Updates language throughout section 38-871 and 38-872 to refer to "deferred compensation plans" instead of "tax deferred annuity and deferred compensation programs."