House passes bill dumping judge's pensions
PHOENIX — The Arizona House of Representatives has approved a plan to eliminate pensions for new elected officials and judges and replace them with a 401(k) style retirement plan.
The measure was sent to the Senate for approval in a 35-22 vote Thursday.
House Speaker Andy Tobin championed the plan opposed by Democrats.
Republicans say elected officials and judges backing the current pension plan are greedy.
Democrats counter that the proposed overhaul would make it difficult to attract middle class and low-income people to public service.
Arizona's Elected Officials Retirement Plan only has assets to cover about 58 percent of its liabilities.
Copyright 2013 The Associated Press.