- Associated Press - Thursday, June 5, 2014

PHOENIX (AP) - The state’s police and fire pension oversight board has voted to urge the governor to call a special session of the Legislature to make changes to the pension system and bolster its finances.

The Public Safety Personnel Retirement System’s board voted 6-1 Thursday but did not specifically endorse a proposal from the Professional Fire Fighters of Arizona.

Under that proposal, most police and fire department retirees statewide would give up cost-of-living increases early in their retirement and then see smaller increases than they now receive. They would also fund their own yearly pension increases.

The Legislature would likely have to adopt an overhaul plan and refer it to voters as a constitutional amendment.

The proposal is designed to deal with a massive underfunding of Arizona’s public safety employee pension fund.

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