A member of the Arizona legislature is proposing an end to pensions for elected officials. House Speaker Kirk Adams would like to see all four of the state's defined benefit plans restructured but has the strongest criticism for the one he is entitled to.Under the current system, officeholders may retire at 80 percent of their highest salary after 20 years of service. It's a deal elected officials carved out for themselves that is more generous than the pension plans offered to Arizona's teachers, police and correction officers. The shortfall in Arizona's pension system is estimated at $50 billion. For more on Arizona's pension problems see "$50 Billion Tidal Wave: How Unfunded Pensions Could Overwhelm Arizona Taxpayers," by Andrew Biggs.
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phone (212) 599-7000 / fax (212) 599-3494
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