New Information on ASRS supplemental savings plans

Supplemental savings plans offered through the Arizona State Retirement System (ASRS) can be a helpful way for employees to invest tax-deferred money today to bolster their retirement income down the road.

To enhance access to these plans, simplify administration, ensure continued professional oversight and low administrative and investment costs, the Arizona legislature passed and Governor Ducey signed into law Senate Bill 1348. This new law has two parts to it as follows:

    • First, effective September 29, 2021, it moved the oversight of the deferred compensation plan for state employees to the ASRS.
    • Second, effective July 1, 2022, it allows any eligible employee of an ASRS employer to be able to participate in ASRS deferred compensation plans, regardless of whether the ASRS employer has previously elected to participate in the deferred compensation plan.

Participation in any of these deferred compensation plans is separate from participation in the ASRS defined benefit pension plan. These voluntary supplemental plans allow employees to select the amount they would like contributed from and deducted from their salary and allows for individual control over investment decisions.

Plans are administered by Nationwide Retirement Solutions and will be overseen by the Arizona State Retirement System.

Employees who would like to learn more can visit Supplement Your Retirement.

Employer partners wanting to learn more about offering plans should contact the ASRS Employer Relations team.

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