House Speaker Kirk Adams said today that he is willing to hear the concerns of unions and other groups that may have concerns about his pension reform bill, as long as they don’t compromise his vision of “real reform.”Read More »
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Despite a fairly positive report on the stability of the Arizona State Retirement System (ASRS) earlier this year, a major business group with no direct involvement in the fund is expressing serious concern.
The Arizona Chamber of Commerce and Industry, none of whose member firms has employees enrolled in a public pension plan, is calling for a major overhaul of ASRS to radically change how benefits are calculated for future retirees.
Even with a mind-numbing return on investment of minus 18 percent and a report suggesting that the Arizona State Retirement System is woefully underfunded, retirees and current employees banking on a stable pension check need not worry.
So says Paul Matson, ASRS director, who notes that the retirement system is sitting on a whopping $25.5 billion pot of money.