Sustainable Banks, Green Banking

Arizona panel recommends pension alternative

A committee that studied funding issues with Arizona’s pension system for public employees is recommending that current and former workers be allowed to move into a 401(k)-style plan as an optional alternative to fixed-benefit pensions.

The report by the pension-study committee led by state Treasurer Doug Ducey says the state should also raise the retirement age for future public employees if Arizona is interested in changing its underfunded public-pension system.

Ducey’s committee presented its report at a hearing Thursday.

The Arizona Republic reports Republican committee member Sen. Steve Yarbrough says he will seek legislative approval of some of the report’s recommendations.

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