A bill supported by top Republican Legislative leaders that would replace pensions for new judges and other elected officials with a 401(k)-style retirement plan has failed in the Arizona Senate.
Senate President Andy Biggs says he believes the bill will eventually pass. It was defeated Tuesday on a 12-12 vote with four Republicans and two Democrats absent.
The House has already voted to eliminate the pensions.
If it becomes law House Bill 2608 only applies to new elected officials. The Elected Officials Retirement Plan only has assets to cover about 58 percent of its liabilities and has more retirees and their survivors drawing benefits than active members.
Most judges, state legislators, elected officials at the state and county level and some city officials are in the plan.
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Tuesday, April 20 2010 11:21 PM EDT2010-04-21 03:21:00 GMT
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