Proposition 103 amends the City Charter to adjust the pension plan for city employees.
This is only the most recent of several ballot measures attempting to deal with Phoenix’s ballooning pension expenses. My original post on last year’s (failed) Prop 487 included an explanation of the challenges facing Phoenix’s pension system, which I’ll link you to rather than repeating it at length here. Suffice it to say, the pension plan still needs work.
Prop 103 stops far, far short of the serious reform that Prop 487, which I supported, offered. Whereas 487 would have replaced the pension plan with a 401(k)-like plan for new hires, Prop 103 leaves the pension system largely intact with some minor tweaks, which I will characterise as the good, the meh, and the ugly: Continue reading Phoenix Prop 103: Pension Plan Change—The Good, The meh, and the Ugly