Prop 124 in Arizona passed easily on May 17 amid wide support from police, firefighters and elected officials who fashioned the plan to reduce the cost of public safety pensions and improve the financial health of the retirement system. A key feature of the proposal will link cost of living adjustments (COLA) for retirees to the consumer price index with an annual cap of 2%. An annual 4% compounded increase has been paid out to retirees for two decades, significantly hindering the ability of the retirement fund to cover future benefits. Read more: http://www.azcentral.com/story/news/politics/elections/2016/05/18/big-prop-124-win-change-public-safety-pensions/84459132/
