Arizona pension funds cut debt thanks to special infusions of municipal, state money
A pension system that serves Arizona first responders and corrections officers said it received $1.58 billion in additional contributions over the past year from city and county employers plus the state, helping to shore up the financial status of the pension funds that it manages.
The Public Safety Personnel Retirement System also expects to receive additional voluntary contributions from other cities and counties, especially those in and around metro Phoenix.
The state contributed $1 billion of the $1.58 billion brought in over the 12 months through June 30, the pension system said. The other $580 million came from voluntary contributions from various cities, counties, airports, districts and other municipal employers. In addition to those special payments, employers around the state added another $1 billion into the system in regular, required contributions.
The additional contributions have helped to stabilize the funds and save taxpayers money by reducing unfunded obligations that would escalate if not addressed.
Read more: https://www.azcentral.com/story/news/local/arizona/2021/07/08/arizona-pension-system-psprs-cuts-1-58-billion-debt/7895928002/
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