Proposed last-minute legislation would ask Arizona voters to authorize the Legislature to halt enrollment in a public pension system for elected officials and judges and create a new defined-contribution plan for new enrollees.
Republican senators were told Wednesday during a caucus briefing that a dormant piece of legislation would be changed to become a ballot measure for consideration by voters this November.
Sen. Steve Yarbrough says the elected officials retirement plan is financially unsound and that the state would be better off halting new enrollments.
Current plan members would stay in it. Newly elected officials and new judges would instead enroll in a new system that the Legislature would create if voters approve the ballot measure.
The legislation is being proposed as legislators try to end their 2012 regular session.