Proposition 487 would amend the City Charter to change the retirement plan for new city employees from the current pension (“defined benefit”) plan, to a 401k-style (“defined contribution”) plan. The proposition also codifies the ban on pension “spiking”.
It makes the important structural reforms needed to fulfill our long-term responsibilities to both public retirees and future tax-payers and, contrary to the claims of employee unions, does not eliminate benefits for first responders. Proposition 487 deserves your support. Continue reading Phoenix Prop 487: City Employees Retirement Plan Reform