Phoenix Law Enforcement Association

Day of Reckoning

Is the Day of Reckoning actually here in Arizona with the State’s pension systems?  The short answer is yes.  Before you click on the link to view this poignant news piece on the health of this Nation’s pension systems, notice that Arizona’s were featured as part of their examples of trouble on the horizon. It is easy to point fingers at folks to lay blame or to be angry at a single dynamic that places us in this horrific state of affairs but there isn’t a single factor that got us here. Each and every one of us needs to be supportive of doing whatever is necessary to insure that our retirement benefits don’t go the way of many of those throughout the country where systems are going broke and unable to pay their debts.

Poor investment strategies, the granting of increased benefits, a bad economy, stock market in the tank, no new hires [the engine that drives the system] and a desperate and long overdue need of an audit of the system have contributed to the system’s ailing health.

Aggressive strategies are being proposed to get out ahead of any potential harm to the system and although things are very serious they are not without solution.  Please view this news piece and see a snapshot of an issue that is not unique to Arizona and one that is not likely to go away without your help to preserve the future of our system for all those who risk their lives daily in the service of their communities.

CLICK HERE to view a recent 60 Minutes news video aired on December 19, 2010 reporting on the condition of state budgets and state pension systems nationwide.