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Board Calls For Overhaul Of Public Safety Pension Fund
The board that oversees police and fire pensions in Arizona has voted to urge the governor to call a special legislative session to make changes to the pension system.
The Public Safety Personnel Retirement System's board voted 6-1 Thursday to ask the governor and lawmakers to make changes, but did not specifically endorse a proposal from the Professional Fire Fighters of Arizona.
Under that plan, most police and fire department retirees across the state would give up cost-of-living increases early in their retirement and then see smaller increases than what they get now. They’d also fund their own yearly pension increases.
For an overhaul to happen, lawmakers would likely have to adopt a plan and then refer it to voters as a constitutional amendment. The proposal is designed to deal with a massive underfunding of Arizona's public safety employee pension fund.