- Associated Press - Wednesday, March 12, 2014

PHOENIX (AP) - Political activists have submitted petitions that seek to overhaul Phoenix’s ailing employee-pension system through a ballot initiative.

The Citizens for Pension Reform Committee is a group of conservative-leaning residents. They want to replace the city’s pension system with a 401(k)-style retirement plan for new employees.

The initiative states it would also stop pension spiking by capping the pension benefits available to current employees.

The Arizona Republic reports (http://bit.ly/1qx1wqF) that the cost to fund the pensions has ballooned, from $28 million in 2000 to $110 million in 2013.

Using paid canvassers, the group says it gathered more than 54,000 signatures in support of the initiative.

They only need to provide 25,480 signatures from registered Phoenix voters to get the issue on the ballot for a 2014 election.

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Information from: The Arizona Republic, http://www.azcentral.com

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