SB1609 stops abuses of pension system; ensures long-term sustainability; reigns-in pensions for politicians
STATE CAPITOL, PHOENIX (April 14, 2011) – The Arizona House of Representatives passed sweeping pension reform today, aiming to stop abuses in the state retirement system and ensure its long-term sustainability.
SB1609, sponsored by Sen. Steve Yarbrough, is the result of extensive stakeholder meetings and analysis of the pension system. It was amended in the House to include elements of House Speaker Kirk Adams’ sweeping pension bill introduced early this session. SB1609 now goes back to the Senate.
“Today the union bosses lost and Arizona taxpayers won,” said Speaker Adams. “This reform package protects our teachers, firemen and police officers. It also aims to stop some of the widely-reported abuses we’ve seen and takes away the generous giveaways for politicians. Union leaders will continue to use distortions and scare-tactics, but this responsible package ensures both taxpayers and our hard-working civil servants are protected.”
“What we have done is fixed a potentially catastrophic problem. In doing so, we have preserved benefits for future generations of public service workers,” said Senator Yarbrough.