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PHOENIX -- A bill replacing pensions for new judges and other elected officials with a 401(k)-style retirement plan has been signed into law by Gov. Jan Brewer.

The elimination of the Elected Officials Retirement Plan was a top priority of Republicans in the Legislature and passed both the Senate and House of Representatives on party-line votes.

HB 2608 only applies to new elected officials and was amended to allow new judges who are already in the state's regular retirement system to remain there.

The plan is the smallest and most troubled among the four state retirement plans and only has assets to cover about 58 percent of its liabilities. It also has more retirees and their survivors drawing benefits than active members paying into the system, 992 to 845.

Associated Press,

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