Tuesday, October 21st, 2014

Bill On Elected Officials’ Pensions Passes AZ Senate

Nest-Egg-retirement-pensionA bill replacing pensions for new judges and other elected officials with a 401K-style retirement plan has passed the Arizona Senate on the second try. 

The bill failed on a 12 to 12 vote Tuesday but four absent Republicans were in the Senate Wednesday and it passed on a 16-to-13 vote.  The House already voted for the bill but a second vote is required because of Senate amendments. 

If signed into law House Bill 2608 only applies to new elected officials.  The Elected Officials Retirement Plan only has assets to cover about 58-percent of its liabilities and has more retirees and their survivors drawing benefits than active members.

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