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Arizona personnel board to vote on pension-overhaul plan

PHOENIX — The state’s police and fire pension oversight board is set to
vote on a proposal to overhaul the system and bolster its finances.

The Public Safety Personnel Retirement System’s board will hear a presentation
Thursday on the proposal from the Professional Fire Fighters of Arizona. The
Legislature would need to be called into special session to refer the proposal
to voters because enacting it requires a change to the state constitution.

Under the proposal, most police and fire department retirees statewide would
give up cost-of-living increases early in their retirement and then see smaller
increases than they now receive. They would also fund their own yearly pension
increases.

The proposal is designed to deal with a massive underfunding of the state’s
public safety employee pension fund.

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