HB 2029 Summary

• Allows political subdivisions and political subdivision entities not currently participating in ASRS to elect participation in supplemental employee deferral plans overseen by ASRS through an intergovernmental agreement.

• Political subdivisions electing to participate are not considered ASRS employers and their employees are not ASRS members, but employees may participate in the supplemental deferral plan.

• Prohibits political subdivisions from providing information indicating they offer ASRS benefits other than the supplemental employee deferral plan; violations result in ineligibility to enroll new employees until corrected.

• Allows political subdivisions that elect supplemental deferral plan participation to subsequently join ASRS under section 38-729.

• Defines supplemental employee deferral plans as tax-deferred annuities under Internal Revenue Code sections 403(b) and 457(b).