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Benefits May 3, 2012
Az. Senate Rejects DC Plan for State Officials
May 3, 2012 (PLANSPONSOR.com) – The Arizona Senate rejected a proposal for a new retirement plan for certain public officials.
Reported by
Rebecca Moore
Under the proposed bill, voters would have been asked to authorize the legislature to close the defined benefit (DB) pension system for elected officials and judges and create a defined contribution (DC) plan for new enrollees, according to the Associated Press.
The measure failed on a 17-13 vote as opponents called it a rush job that needed an in-depth study.
State Sen. Steve Yarbrough said the elected officials’ retirement plan is financially unsound, and the state would be better off halting new enrollments.« Half of Preretiree Canadians Have Retirement Financial Plan