PHOENIX (AP) — A bill replacing pensions for new judges and other elected officials with a 401(k)-style retirement plan — a top priority of Republicans this Legislative session — was signed into law Wednesday by Gov. Jan Brewer.
The closure of the Elected Officials Retirement Plan for new state lawmakers, county officials and judges passed both the Senate and House of Representatives on party-line votes. HB 2608 does allow new judges who are already in the state's regular retirement system to remain there.
The plan is the smallest and most troubled of the four state retirement plans and only has assets to cover about 58 percent of its liabilities. It also has 992 retirees and their survivors drawing benefits, which is more than the 845 active members paying into the system.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.