individual savings plan program; appropriation

HB 2903 establishes Arizona's Retirement Savings Program, creating a new state board to administer a payroll deduction savings option for private-sector workers who lack employer-sponsored retirement plans. The program allows eligible employees (ages 18+ working for covered employers not in government or existing retirement plans) to contribute to individual retirement accounts (IRAs) through automatic payroll deductions. The Arizona Retirement Savings Board will develop investment policies, select a program administrator, and manage funds to offer low-cost investment options focused on income replacement. This directly affects private employers and employees in Arizona who currently don't have access to tax-advantaged retirement savings through their workplace.