Posted: Jun 24, 2012 12:04 PM
PHOENIX (AP) - Arizona taxpayers are about to start paying more to prop up four of Arizona's ailing public retirement plans.
The Arizona Republic reports that the increase payments begin next week as the plans continue to suffer such heavy market losses that their values are far below what they owe pensioners over the long term.
Administrators say that the pension system for Arizona's police officers and firefighters, for example, is in the worst shape and has little hope for a quick turnaround.
The bleak outlook comes as the Pew Center on the States, a national organization that seeks ways to make government more effective, last week released a study saying Arizona's state pension systems remain underfunded. Arizona is among 34 states facing that problem.
Check out the latest events FC Tucson has scheduled.
Help those in need this holiday season
Click here to submit a news tip to us!
Become a Facebook Fan!
Sign up on KVOA.com for newsletters, exclusive deals, and more!
Win! Win! Win!
Get news, weather and more on your smartphone and tablet!
Get texts for news, traffic, deals and more!
Stories and videos with Kristi's Kids
What's happening on News 4 @ 4
Let us help grow your business
What's on KVOA and when!
Contact info for our department heads
FCC Public File of Records, Reports, and More
KVOA's on air personalities!
Work at News 4 Tucson
Complete feeds of all KVOA.com stories