Voters choose to overhaul Phoenix pension system
PHOENIX -- The Phoenix employee pension system will get an overhaul.
A special election on Tuesday shows voters are overwhelmingly in favor of it.
Prop 201 raises the retirement age of new employees and requires current employees to put more money toward their pensions. Prop 202 allows the city to be more aggressive when investing pension funds.
"We wanted to do right by the people of the city, save the people a lot of money but also do it in a way that did right by our employees," Mayor Greg Stanton said.