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Overhaul of police and fire pension plan

Posted at 12:08 PM, Jan 31, 2016
and last updated 2016-02-01 07:24:50-05

PHOENIX (AP) - A major overhaul of the state's badly underfunded pension plan for public safety workers is expected to be introduced in the Arizona Senate on Monday.
    
The overhaul is the result of months of meetings between lawmakers, pension officials, firefighter and police unions as well as cities, towns and other public agencies that pay into the system.
    
The issue is pressing because public agencies that pay into the system have seen their contribution rates to the Arizona Public Safety Personnel Retirement System soar to make up for the underfunding.
    
Peoria Republican Sen. Debbie Lesko led the talks and said Friday that 25 of 30 senators are co-sponsors. The number of House backers is unclear.
    
The overhaul will change cost-of-living increases for existing employees and create new retirement plans for new hires.