AZ SB1348

Amends Arizona Revised Statutes sections 38-715 and 38-781 to remove the ASRS director's specific authority to administer deferred compensation plans and transfers that responsibility to a governing committee structure.

Allows ASRS to establish and administer multiple supplemental employee deferral plans (rather than a single plan) for public employers other than the state, including 403(b) tax-deferred annuities and 457(b) eligible deferred compensation plans.

Permits employees of participating employers to elect participation in supplemental deferral plans on or after July 1, 2022, if they meet ASRS-prescribed eligibility requirements, with employers making salary reductions at no cost to employees or ASRS.

Establishes that employee contributions vest immediately, while employer contributions vest according to employer-submitted schedules or ASRS default schedules if employers do not submit schedules.

Repeals Title 38, Chapter 5, Article 5, Arizona Revised Statutes, eliminating prior supplemental employee deferral plan provisions.