Panel suggests 401(k)-style option for Ariz. public employees

12/31/2012 |

Arizona should consider offering a 401(k) plan for public employees as it deals with an underfunded pension system, according to a study by a committee headed by the state treasurer. The committee also proposed increasing the retirement age for future hires and taking steps to make workers unable to artificially inflate their pensions. Unfunded liabilities for the state's four pension plans total $39.6 billion, according to the committee.

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