Over the course of the past year, stakeholders from police and fire, as well as legislators and other elected officials worked long and hard to come up with a plan to get the Public Safety Retirement System, PSPRS, back to a healthy state so it is sustainable, able to earn a decent return on investments and provide retirees with Cost of Living Allowances.
On Tuesday, February 16, 2016, Governor Ducey signed the bill, which will go to a special ballot on May 17, 2016 for a public vote, known as Proposition 124. We encourage all of you to vote “YES” on this important issue which will help get PSPRS back to a healthy state and ensure that it is sustainable for retirees, current active law enforcement officers, and those who have yet to be hired.
The passage of Proposition 124 translates to:
- A savings of more than $1.5 billion to Arizona taxpayers.
- Steps to ensure the underfunded pension system is repaired to protect retirement for active first responders and retirees.
- An end to pension spiking.
- More flexibility in retirement investments for public safety workers.
- More equitable sharing of retirement contributions between municipal employers and their police and fire fighters.
Keep in mind too, that it specifically addresses the Constitutional provision which fixes the Cost of Living Allowance [COLA] mechanism, by bringing it in line with the Phoenix and Mesa Consumer Price Index [CPI].
CLICK HERE for more information on Proposition 124.
CLICK HERE to read the pension reform measure which was passed in the legislature and signed by Governor Ducey.
Once again, if you are registered to vote in Arizona and know people who are, encourage them to vote YES on Prop 124 as it will ensure a stable and sustainable pension system for current and future members!