Post by Logan on Feb 18, 2016 1:42:01 GMT -6
Arizona pension reform is signed by Gov. Doug Ducey, but voters will have a say
Arizona voters will be asked on the May 17 ballot to help repair the financially fragile pension system for public-safety workers by changing the way benefit increases are paid to retirees.
Gov. Doug Ducey on Tuesday signed legislation that puts that issue before voters. He also signed a separate bill that makes significant changes to pensions for new police officers and firefighters.
The reform package, pushed through the Arizona Legislature by Sen. Debbie Lesko, R-Peoria, is projected to save the Public Safety Personnel Retirement System $1.5 billion over 30 years, according to a consultant of the Pension Integrity Project.
However, all of the savings are backloaded. Changes apply only to new hires who start their jobs after July 1, 2017, said Pete Constant, director of the integrity project. There are no changes for current employees because Arizona's Constitution does not allow for any "impairment" of pension benefits for public workers.
Read more: www.azcentral.com/story/news/arizona/politics/2016/02/16/arizona-pension-reform-signed-gov-doug-ducey-but-voters-have-say/80471656/#
Arizona voters will be asked on the May 17 ballot to help repair the financially fragile pension system for public-safety workers by changing the way benefit increases are paid to retirees.
Gov. Doug Ducey on Tuesday signed legislation that puts that issue before voters. He also signed a separate bill that makes significant changes to pensions for new police officers and firefighters.
The reform package, pushed through the Arizona Legislature by Sen. Debbie Lesko, R-Peoria, is projected to save the Public Safety Personnel Retirement System $1.5 billion over 30 years, according to a consultant of the Pension Integrity Project.
However, all of the savings are backloaded. Changes apply only to new hires who start their jobs after July 1, 2017, said Pete Constant, director of the integrity project. There are no changes for current employees because Arizona's Constitution does not allow for any "impairment" of pension benefits for public workers.
Read more: www.azcentral.com/story/news/arizona/politics/2016/02/16/arizona-pension-reform-signed-gov-doug-ducey-but-voters-have-say/80471656/#