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PHOENIX -- The state's police and fire pension oversight board is set to vote on a proposal to overhaul the system and bolster its finances.

The Public Safety Personnel Retirement System's board will hear a presentation Thursday on the proposal from the Professional Fire Fighters of Arizona. The Legislature would need to be called into special session to refer the proposal to voters because enacting it requires a change to the state constitution.

Under the proposal, most police and fire department retirees statewide would give up cost-of-living increases early in their retirement and then see smaller increases than they now receive. They would also fund their own yearly pension increases.

The proposal is designed to deal with a massive underfunding of the state's public safety employee pension fund.

Associated Press,

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