LISTEN UP AMERICA!!! IT’S TIME FOR DEFINED BENEFIT RETIREMENT PLANS FOR NEWLY ELECTEDS TO FINALLY END. NO MORE OF THESE PENSIONS FOR POLITICIANS. HB2608 Creates a defined contribution plan for future AZ electeds. STOP THE MADNESS. ARIZONA LEADS THE COUNTRY AGAIN. TIME FOR CONGRESS TO RETURN NEW COST OF LIVING SALARY INCREASE AND END THEIR OWN DEFINED BENEFIT PENSIONS FOR NEWLY ELECTEDS IN TIME FOR ELECTIONS BEGINNING IN 2014. IF WE CANT CHANGE CURRENT PLANS, AT LEAST DONT ADD TO THE PROBLEM. ALL STATES SHOULD IMMEDIATELY FOLLOW. BILL PASSED COMMITTEE ON PARTY LINES. I ASK OUR DEMOCRAT FRIENDS TO JOIN US.
HERE IS THE COMMITTEE HEARING AND MY TESTIMONEY ON PUBLIC
ELECTED RETIREMENT PLANS.
A CALL TO HELP END THESE FUTURE LIABILITIES.
CLICK HERE TO WATCH THE VIDEO!
House Republicans Advance New Elected Official Retirement Plan
STATE CAPITOL, PHOENIX (February 13, 2012) – A milestone in budgetary solvency is currently underway in the Republican-led Arizona House of Representatives. HB 2608 (EORP; closure; defined contribution), originally conceived by House Speaker Andy Tobin (R-Dist. 1), will create a retirement system for newly elected officials and judges. It will also resolve the crisis of the current system which suffers from a deficit of more beneficiaries than actively contributing employees.
Representative Phil Lovas (R-Dist. 22) is heading the Republican-led charge to eliminate and replace Arizona’s antiquated elected official retirement plan. Dubbed the Arizona Leadership Savings Account (ALSA), the new plan is prospective, will not affect current beneficiaries and is intended to address the insolvency of the existing retirement system. This will shift the current plan from one of defined-benefits to one of defined-contributions while ensuring a sustainable and responsible retirement program.
Recently, the state of Arizona lost a Superior Court case in which Article XXIX of the Arizona State Constitution was ruled to not allow public retirement system benefits to be diminished or impaired. Convinced of the strength of Arizona’s legal position, Representative Lovas stated, “Although Arizona’s argument did not initially prevail, I’m confident that an appeal will prove that, under ALSA, the state’s contractual obligations will be fulfilled.”
Confident in the value of ALSA, Speaker Tobin stated, “I am impressed with the leadership Representative Lovas has demonstrated as he propels this crucial legislation forward. It is my hope that Congress will follow the trail we blaze and realize that if they want to truly fix entitlement funding, they should start with their own.”
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Representative Phil Lovas (R-Dist. 22) is heading the Republican-led charge to eliminate and replace Arizona’s antiquated elected official retirement plan. Dubbed the Arizona Leadership Savings Account (ALSA), the new plan is prospective, will not affect current beneficiaries and is intended to address the insolvency of the existing retirement system. This will shift the current plan from one of defined-benefits to one of defined-contributions while ensuring a sustainable and responsible retirement program.
Recently, the state of Arizona lost a Superior Court case in which Article XXIX of the Arizona State Constitution was ruled to not allow public retirement system benefits to be diminished or impaired. Convinced of the strength of Arizona’s legal position, Representative Lovas stated, “Although Arizona’s argument did not initially prevail, I’m confident that an appeal will prove that, under ALSA, the state’s contractual obligations will be fulfilled.”
Confident in the value of ALSA, Speaker Tobin stated, “I am impressed with the leadership Representative Lovas has demonstrated as he propels this crucial legislation forward. It is my hope that Congress will follow the trail we blaze and realize that if they want to truly fix entitlement funding, they should start with their own.”
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