Arizona HB4126 establishes a retirement savings program for employees, offering automatic enrollment in IRAs.

Arizona HB4126 creates the Arizona Retirement Savings Program, managed by the Arizona Retirement Savings Board. The program offers eligible employees the choice to contribute to an IRA through payroll deductions, with automatic enrollment and the option to opt-out. Employers are not liable for employee decisions or investment outcomes. The program aims to promote financial literacy, simplify retirement savings, and minimize administrative costs. The board is tasked with setting rules, managing investments, and ensuring compliance with federal and state laws.

Arizona HB4126 establishes a retirement savings program for employees, offering automatic enrollment in IRAs.

Arizona HB4126 creates the Arizona Retirement Savings Program, managed by the Arizona Retirement Savings Board. The program offers eligible employees the choice to contribute to an IRA through payroll deductions, with automatic enrollment and the option to opt-out. Employers are not liable for employee decisions or investment outcomes. The program aims to promote financial literacy, simplify retirement savings, and minimize administrative costs. The board is tasked with setting rules, managing investments, and ensuring compliance with federal and state laws.