Voters may see pension overhaul plan

Voters may see pension overhaul plan

By Kristen Rademacher. CREATED May 16, 2014

PHOENIX (AP) - Police and fire unions are asking the Arizona Legislature to pass a pension overhaul plan during a special session in the coming weeks and refer the changes to voters in the November general election.
   
The proposal is designed to deal with a massive underfunding of the state's pension program for public safety employees. One of its goals is to avoid huge increases in contributions that employers must make to the Arizona Public Safety Personnel Retirement System.
   
That would lead to cuts by municipalities and county governments so severe that voters could revolt and throw out the entire state pension system.
   
Mike Colletto of the Professional Fire Fighters of Arizona says public safety retirees would forego yearly pension boosts for their first seven years in retirement under the plan.

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