Proposition 125 - Pension reform

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    Yes - For the Measure

  • No - Against the Measure

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Why should voters support or oppose Prop. 125?

How could the measure improve the health of pension funds?

Arizona voters already approved a constitutional amendment making changes to the public-safety pension system. Why are more changes necessary?

Prop 125 is a common sense pension reform that will help save Arizona’s pensions for corrections officers, judges and elected officials an estimated $275 million over the next 20 years. It does this by reforming how the Corrections Officer Retirement Plan (CORP) and the Elected Officials Retirement Plan (EORP) determine pension increases for their retirees.

These savings do not come at the expense of retirees, who would still receive meaningful increases to protect their purchasing power from inflation. Savings to the CORP and EORP pensions also lowers the financial burden on state agencies, municipalities and taxpayers.
It does this by putting in place a reasonable Cost of Living Adjustment for retired members that is tied to Consumer Price Index changes as determined by the U.S. Bureau of Labor Statistics. This system makes it easier for pension officials and actuaries to predict future financial liabilities that are shared with public employers.

Increases to CORP and EORP pensions are currently based on investment returns, which has hurt the pensions by requiring substantial pension increases following years of investment losses. Almost all public pensions use COLA-based increases.
Yes, in 2016, voters by overwhelming majority passed Prop 124, which made the exact same changes to PSPRS, the state pension that serves police officers and firefighters. PSPRS also manages CORP and EORP.

Prop 125 is a bipartisan measure that was unanimously supported by state lawmakers because underfunded CORP and EORP need the same long-term fix that voters applied to the state’s plan for police officers and firefighters in 2016.
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