AZ HB2034

Amends Arizona Revised Statutes section 38-781 to authorize ASRS to establish, administer, manage and operate supplemental employee deferral plans for public employees.

Allows employees of participating employers to make tax-deferred salary reductions to supplemental plans, with employers able to make matching contributions if the plan allows.

Clarifies that employees already participating in a public retirement system (articles 3, 3.1, 4, 4.1 or 6) employed by political subdivisions are not eligible to participate in supplemental deferral plans under this section.

Establishes vesting schedules for contributions with employee contributions immediately vested and employer contributions vesting according to employer-submitted schedules or ASRS default schedule if no schedule is submitted.

Provides immunity from civil liability to the state, its officers and employees, the ASRS board, and ASRS for any acts or omissions related to supplemental employee deferral plan administration.