Texas billionaire-backed group will donate to Arizona pension initiative
A non-profit funded by Texas billionaire John Arnold will pour a quarter-million dollars into an independent expenditure committee to support the campaign to help repair Arizona's financially fragile pension system for public-safety workers, The Arizona Republic has learned.
The former hedge fund manager backs Action Now Initiative, a 501(c)(4) social-welfare organization based in Houston that supports advocacy efforts to educate the public on obesity, education, pension and criminal justice reforms, according to its tax forms. Action Now Initiative did not return calls requesting comment.
The money will soon be transferred to the independent expenditure committee, which will aid the pension-reform campaign, known as Proposition 124, said J.P. Twist, a contract aide to Gov. Doug Ducey. The committee, known as Arizonans for Strong Leadership in Support of Prop. 124, was created last week.
Prop. 124 will be on the May 17 statewide ballot, alongside Prop. 123, an education-funding measure. Twist is managing the Prop. 123 campaign, and passage of the initiative is critical for Ducey, who has come under fire by those who believe he is inadequately funding public K-12 education.