The Phoenix City Council will be voting on propositions 401 & 402 which will cost taxpayers from $477 million to $651 million dollars if approved. This will also erase the $600 million in savings from the reform the voters just passed in 2013. The vote is July 2nd at 1pm at the Council Chambers. The voters deserve transparency on what the financial cost will be to the taxpayers with the two propositions. This language is misleading and lacks transparency. The City Council has an obligation to the public to inform them on what the true consequences of proposition 401 & 402. PROPOSITION 401 - PROPOSED AMENDMENT TO THE PHOENIX CITY CHARTER BY INITIATIVE PETITION Amend City Charter: Eliminate participation in the current retirement plan and establish a defined contribution plan for new employees; allow current employees to transfer into this plan; prohibit City contributions to any other retirement plan, including deferred compensation plans, post-employment benefit plans and the police and fire retirement system. A “YES” vote shall have the effect of amending the City Charter to change retirement plan terms for City employees as stated above. A “NO” vote shall have the effect of retaining the existing Charter provisions governing City employee retirement plans. PROPOSITION 402 - PROPOSED AMENDMENT TO THE PHOENIX CITY CHARTER BY THE CITY COUNCIL Amend the retirement plan for new employees to use a longer compensation average with capped wages, stop post-retirement increases, allow a reduced pension to fund future increases, prohibit unused sick leave credit, and exclude certain payments from pension calculations. A “YES” vote shall have the effect of amending the City Charter to change retirement plan terms for City employees as stated above. A “NO” vote shall have the effect of retaining the existing Charter provisions governing City employee retirement plans. Provisions in Proposition 401 violate the State Constitution and strips away wages from our Police, Fire and civilian employees. Pass this crucial information along. Vital city programs and services will be devastated if these costly propositions are approved. In Solidarity-Luis S.
Posted on: Fri, 27 Jun 2014 18:11:56 +0000
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