A decision of the Supreme Court of Arizona unanimously Arizona court records reinstated the cost of living increases for retired judges and elected to a final cost of $ 375 million to the pension system and taxpayers. The decision of the public Thursday 5-0 affirming a judgment of the Superior Court in Mauricio County , which declared unconstitutional the actions of the legislature of Arizona in Arizona court records 2011 to suspend the increases due to the poor financial health of the body retirement.
" It is quite clear that the Arizona law is now indication ," said Ken Fields, a judge of the Superior Court of Mauricio County and retired one of two retirees who continued to restore increases. "It was a difficult decision, but it will not be a popular decision . " Elected officials and judges share the most generous in the state pension program Arizona court records. In its decision , the judges said the decision ultimately benefit them retirees. A key member state said the decision will likely push the legislature to bring a measure to the voters , perhaps this fall to amend the Constitution of Arizona by the inclusion of provisions that could reduce the benefits and curb the rising cost of public pensions.
Arizona court records This decision removes the most reforms of retirement savings adopted a few years ago ," said Rep. John Savannah , R - . Fountain Hills , which grows to a referendum of the electors "It will cost a lot of money and thousands of dollars to support the system that has been mismanaged . " The decision also restores the cost of living increases for public safety workers and retirees prisons , which, as judges and elected officials, Arizona court records are part of the Trust for the pension staff of Public Safety and saw raises their pension suspended by legislative action , there are nearly three years.
Jim hacking system manager , said in a statement that raises retroactive to all retired immediately SPARS cost $ 40 million trust. He said an additional $ 335.6 million will fund the cost of living adjustments in the future Arizona court records. Among those who received retroactive increases are 978 retired judges and elected to receive $ 7.9 million, according to the pension system . These payments are not shared equitably. But on average , for a total of over $ 8,000 per retiree. The system did not provide the exact cost of the judgment for taxpayers, but said piracy force the system to increase it requires governments pension Arizona court records.
Governments are assessed a levy on the salaries of employees on the basis of total liabilities. Rates of some governments may exceed 50 per cent of salary for each employee and is expected to significantly increase occur in July 2015, according to the pension system. The Arizona Republic last year revealed that the Arizona court records investment returns lower than expected improvements in pension payments and increase employer engagement caused while some governments have been unable to hire new police officers and firefighters because of the costs associated pensions.
Contributions to the trust of employers increased 425 percent in the last decade to $ 451 million annually, Arizona court records according to trust financial statements. The system manages a $ 7.2 billion trust fund that provides $ retirement benefits to more than 53,000 retirees, beneficiaries and active members. Judges are part of pension elected . With over 2000 members, half of whom are retired, are the smallest group in the system.
This plan was closed to new members this year Arizona court records, but has allowed officials and judges elected to receive 80 percent of their salaries at the end , after 20 years of service.
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