PHOENIX (AP) - A state official estimates that a court ruling on retirement benefits increases for judges and other elected officials will cost taxpayers hundreds of millions of dollars.
Ruling on a case stemming from 2011 legislation, the Arizona Supreme Court said Thursday that the Legislature can’t cut cost-of-living increases promised to judges and state elected officials.
The ruling involves increases paid by the Public Safety Personnel Retirement System trust.
According to The Arizona Republic (https://bit.ly/1mxYfaX), system Administrator Jim Hacking says retroactive raises for all retirees in the system will cost the trust $40 million immediately.
Hacking says the system will have to set aside an additional $335 million to pay for cost-of-living adjustments going forward.
Hacking also says the system will have to increase what it charges governments for pension benefits.
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