Sunday, March 3, 2013

ARIZONA HOUSE REPUBLICANS ON RIGHT TRACK VOTE TO ELIMINATE UNAFFORDABLE ELECTED OFFICIAL RETIREMENT PLAN


House Republicans Vote to Eliminate Unaffordable Elected Official Retirement Plan

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STATE CAPITOL, PHOENIX (February 28, 2012) – This afternoon, the Republican-led Arizona House of Representatives passed HB 2608 (EORP; closure; defined contribution). The landmark legislation was spearheaded by House Speaker Andy Tobin (R-Dist. 1) and Representative Phil Lovas (R-Dist. 22). The bill received the support of 35 House Members, all of whom were Republican, and will now advance to the Senate.
The legislation will create a defined contribution retirement system for newly elected officials and judges and will close the current Elected Officials Retirement Plan (EORP). Once signed into law, the bill will also resolve the crisis of the current system which suffers from a deficit of more beneficiaries than actively contributing employees.
Driven by a desire to end the insolvency of the current system, Speaker Tobin stated, “This afternoon, the votes of House Republicans reflected the will of the people and their desire to end this unsustainable program that has burdened Arizona taxpayers for long enough. Thanks to the diligence of Representative Lovas, our current retirement program will be replaced with a responsible, portable and fair system that more closely resembles those offered to the majority of private sector taxpayers.”
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