In the ongoing debate around public pensions, there is often focus on the costs of the pension system and misinformation about the impact of the changes made to the system by last year’s public initiative. Here are the facts. It will cost Phoenix taxpayers nearly $500 million to enact this initiative. The average pension for the 14,000 City of Phoenix employees is now under $30,000. City workers take lower wages and make a long-term commitment to public service because of the promise of a nominal retirement benefit. The proposed changes of the new initiative that will be on the November ballot will break that promise if implemented. Voters should keep this promise to city employees because of the vital work and services they provide.
Posted on: Thu, 24 Jul 2014 23:17:18 +0000
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