The Arizona measure is one of a few state ballot questions in November to deal with what is an estimated $4 trillion in unfunded liabilities at state and local pension funds nationwide. (Photo: Shutterstock)

(Bloomberg) –Voters in Arizona could throw the state another lifeline for two of its underfunded retirement plans.

A measure on the ballot Nov. 6 would save the state $275 million over the next two decades by changing a method that allowed public employee retirees to see big bumps in benefits during years of strong investment returns.

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