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Change to Ariz. officials' pension plan rejected

Change to Ariz. officials' pension plan rejected

CREATED May 2, 2012

By: The Associated Press

PHOENIX (AP) - The Arizona Senate has rejected last-minute legislation on a public retirement system issue.
   
The proposal would have asked voters to authorize the Legislature to halt enrollment in the public pension system for elected officials and judges and create a new defined-contribution plan for new enrollees.
   
But the measure failed on a 17-13 vote Wednesday as opponents called it a rush-job that needed in-depth study.
   
Sen. Steve Yarbrough said the elected officials retirement plan is financially unsound and that the state would be better off halting new enrollments.
   
The proposal current plan members would stay in the system. Newly elected officials and new judges would instead enroll in a new system that the Legislature would create if voters approve the ballot measure.
   
Lawmakers are trying to end their 2012 regular session.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)