The vast majority of Arizonans don’t realize just how much of their tax money pays for the pensions of those who work for the government. Arizona has one of the most generous retirement systems in place. That’s why you will often see lawmakers retire from the legislature only to run for a judicial position like justice of the peace or a statewide office – both types paying more than the meager $24,000/year the legislature pays.
With the budget crisis continuing to loom over a return to economic prosperity, one Arizona lawmaker is taking a very personal and professional step in reforming the system of elected Arizona’s multi-faceted retirement system.
Meet Kirk Adams, Speaker of the House of Representatives in the Arizona Legislature. Speaker Adams has chosen to withdraw from this system and forgo receiving his pension. He believes that it’s time to send a message that those who work for the government need to sacrifice and set the example. Adams also believes that Arizona’s government pension system is sitting on a financial bubble and it’s only a matter of time before that bubble bursts.
We’ll let Fox 10 Phoenix show the interview that aired on Sunday: