This measure is a multi-faceted attack on pension debt. First, it would require that new spending growth be limited to the increase of population plus inflation and that every dollar above that must be used to pay down the city’s unfunded pension obligations. Next, it requires annual assessments of pension debt based on a 10-year average rate of return on investments of pension systems. Finally, it ends pensions for Phoenix City Council members and requires elected officials to pay out of their own pocket for their pensions.
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