What is the SRSP?
The SRSP is a supplemental defined contribution plan qualified under §401(a) of the IRC, and was established by the Arizona State Retirement System with authority granted by Arizona Revised Statutes §38-951, et seq. Eligible employers of the ASRS — cities, counties, special districts, and schools— may adopt the SRSP and offer it to their employees who meet certain participation criteria. State agencies and universities will have a similar plan administered by the Arizona Department of Administration. Due to the high contribution limits of the Plan, the Internal Revenue Service requires that once you adopt the SRSP and establish the criteria for Plan participation (pursuant to IRC §414(h)(2)), your eligible employees will have two years from the date each employee becomes eligible to participate in the SRSP to enroll in the Plan and determine how much to contribute. An eligible employee who fails to make an election to become a member of the SRSP within this two-year period will be deem
