ASRS; supplemental employee deferral plan

HB 2034 creates a new tax-deferred retirement savings option for eligible Arizona public employees through the Arizona State Retirement System (ASRS). It allows employees to save additional retirement funds via automatic salary reductions (with contributions immediately vested), without replacing their existing state retirement benefits. The plan applies to employees of state agencies and local governments that choose to participate, with employers able to make optional contributions that vest according to employer-set schedules. This is a concrete policy change expanding retirement savings tools within the existing ASRS framework.