A plan championed by Arizona House Speaker Andy Tobin that would eliminate pensions for new elected officials and judges and replace them with 401(k) style retirement plans is set for its first hearing in the Arizona House Tuesday.
The bill makes good on a promise Tobin and fellow Republican Rep. Phil Lovas made to revamp the Elected Officials Retirement Plan in part because it only has assets to cover about 58 percent of its liabilities and the state must make up the difference.
Lovas says the smallest of the state's four retirement plans is broken and not getting any better and the prudent thing to do is to shut it down.
Superior Court judges have said changing the retirement system could discourage highly qualified lawyers from serving on the bench.
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Wednesday, August 27 2014 2:48 AM EDT2014-08-27 06:48:05 GMT
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