About the Initiative
Phoenix's current employee pension system is broken. Years of abuse, mismanagement and political malfeasance have resulted in an escalating pension crisis that could cost taxpayers billions of dollars.
Despite the warning signs and calls for reform, the power brokers at City Hall refuse to act. Our elected leaders have made it clear that they are not interested in addressing the problem, and have even tried passing sham pension reforms thinking they can fool the public.
It is time that the voters of Phoenix decide the issue for themselves. The Phoenix Pension Reform Act takes the issue out of the hands of the politicians and special interests and provides an opportunity for REAL pension reform.
The Pension Reform Act fixes our broken Phoenix pension system by:
- Ending the illegal practice of pension spiking and other windfall pension payouts
- Transitioning new city employees into a more sustainable and fair 401(K)-style defined contribution plan
- Allowing existing employees to opt into the new defined contribution plan
- Protecting taxpayers from ballooning pension costs while ensuring that existing and future pension obligations are met