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.
Copyright 2013 Associated Press. All rights reserved.
They were born just two weeks apart. A 10-week-old baby and 8-week-old pit bull have a fascinating relationship. They absolutely adore each other! Louisiana native Brandi Hodges, 25, has posted photosMore >
A 10-week-old baby and 8-week-old Pitbull have a fascinating relationship. They absolutely adore each other!More >
Monday, July 28 2014 2:08 PM EDT2014-07-28 18:08:17 GMT
NWS: Macroburst hit north Phoenix with 100 mph winds
A macroburst with winds in excess of 100 mph hit north Phoenix Saturday night, snapping power poles, toppling trees and cutting power to 33,000 utility customers, the National Weather Service said.More >
Intense macrobursts can cause tornado-force damage of up to F3 intensity, the National Weather Service said after it confirmed the event. The Paradise Valley Hospital sustained rooftop damage.More >
Monday, July 28 2014 1:54 AM EDT2014-07-28 05:54:27 GMT
Authorities now say 14 people - including a 15-year-old - have been struck by lightning during rare summer thunderstorms that have swept through Southern California, injuring two critically.More >
A 20-year-old man died Sunday after lightning struck or rattled 13 people at a popular Los Angeles beach and a golfer on Catalina Island during summer thunderstorms that swept through Southern California, authorities said.More >