Search Results for: PSPRS

Arizona’s Gubernatorial Candidates Both Vow To Address Pension Woes, But Specifics Hard To Come By

Both of Arizona’s gubernatorial candidates (Republican Doug Ducey and Democrat Fred DuVal) have said they will try to find a solution to the funding problems plaguing the Arizona Public Safety Personnel Retirement System (PSPRS). The system is only 49 percent funded. But neither candidate offered much in the way of specifics during interviews with the … Continue reading Arizona’s Gubernatorial Candidates Both Vow To Address Pension Woes, But Specifics Hard To Come By

Arizona City On Hook For $16 Million of Additional Pension Payments in 2015, New Calculations Reveal

Tucson’s 2015 payment to its pension systems will likely be much higher than city officials initially thought—new calculations by Arizona pension officials indicate Tucson may be on the hook for an additional $16 million. The city thought its 2015 payment to the public safety pension system would total around $46 million. But after recent calculations, … Continue reading Arizona City On Hook For $16 Million of Additional Pension Payments in 2015, New Calculations Reveal

Arizona Pension Scolded After Racking Up $1.76 million Legal Bill In 2013-14

The Public Safety Personnel Retirement System (PSPRS) racked up $1.76 million in legal bills in fiscal year 2013-14. To put that legal tab in context, consider the legal bills accrued by the state’s largest pension fund, the Arizona State Retirement System: ASRS is four times as big as PSPRS, but only paid $1.24 million in … Continue reading Arizona Pension Scolded After Racking Up $1.76 million Legal Bill In 2013-14

Phoenix Politicians Weigh In On Pension Reform Measure

The Arizona Republic runs a great column every week where they ask a dozen major political players in Phoenix a question regarding an important issue. This week, pensions were the issue. Specifically Proposition 487, which would shift new hires into a 401(k)-style system as opposed to a defined benefit plan. There has been much debate … Continue reading Phoenix Politicians Weigh In On Pension Reform Measure

Arizona Fund Gives CIO Retention Bonus, Contract Extension In Midst Of Federal Investigation

An Arizona pension fund, already embroiled in controversy, voted yesterday to sign its Chief Investment Officer to a two-year contract extension and gave him a $50,000 retention bonus. That bonus is in addition to a $75,000 bonus the CIO was already scheduled to receive later this year, on top of his $268,000 annual salary. The … Continue reading Arizona Fund Gives CIO Retention Bonus, Contract Extension In Midst Of Federal Investigation

Judge Orders Arizona Fund to Release Federal Subpoena to Public

There are so many scandals surrounding Arizona’s Public Safety Personnel Retirement System—illegal raises, large severance packages for fired personnel, allegations of sexual harassment—that it’s easy to forget that one has outlasted them all. The longest running scandal dates back to last year, when the three high-level investment personnel mysteriously quit the fund—presumably in protest of … Continue reading Judge Orders Arizona Fund to Release Federal Subpoena to Public

Big Payout, Benefits for Arizona Fund Boss Fired for Misconduct

Pension360 has been closely following the story of Jim Hacking, the recently fired Director of the Public Safety Personnel Retirement System. He’s been embroiled in trouble of late, as his fund is in the midst of an FBI criminal investigation—centered on claims that the staff inflated real estate investment values to trigger bonuses—as well as … Continue reading Big Payout, Benefits for Arizona Fund Boss Fired for Misconduct

Arizona Fund Chief To Be Fired After Handing Out Illegal Raises

Last week we brought you the story of an Arizona pension fund that was embroiled in not one, not two, but three separate investigations: The first, a criminal investigation for allegedly inflating asset valuations to trigger bigger bonuses. Second, a workplace investigation into a sexual harassment complaint. The third, a state inquiry into illegal raises … Continue reading Arizona Fund Chief To Be Fired After Handing Out Illegal Raises


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