US. To fix pensions, first change constitution
With a statewide pension shortfall totaling $7.7 billion, the Public Safety Personnel Retirement System (PSPRS) has long been on the receiving end of reform measures.
And if a group of Arizona mayors is successful, more reforms will be coming.
From the 2011 attempt by the State Legislature to increase the employee contribution rate, to 2016’s elimination of the costly Permanent Benefit Increase (PBI) program, state and local officials have tried through the years to make the system more sustainable.
Now, support appears to be growing for elimination of the protection that public pension benefits have under the state constitution. While such a move would require voter approval, a number of state and local officials expressed support this past week for putting it on a future ballot.
Full Content: dCourier
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