Bill on politicians' pensions passes Ariz. Senate - New York News

Bill on politicians' pensions passes Ariz. Senate

Updated:

By BOB CHRISTIE
Associated Press

PHOENIX (AP) - A bill replacing pensions for new judges and other elected officials with a 401(k)-style retirement plan has passed the Arizona Senate on the second try.

The bill failed on a 12-12 vote Tuesday but four absent Republicans were in the Senate Wednesday and it passed on a 16-13 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% of its liabilities and has more retirees and their survivors drawing benefits than active members.

Most judges, state legislators, elected officials at the state and county level and some city officials are in the plan.

More information about HB 2608: www.azleg.gov/DocumentsForBill.asp?Bill_Number=HB2608&Session_ID=110

Copyright 2013 The Associated Press modified.


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