Phoenix Council Subcommittee Recommends Ways to Eliminate Pension Spiking
Phoenix officials this week wrapped up the last in a series of four public meetings to gather input on how to fairly eliminate the bank-breaking practice of pension spiking.
The City Council Pension Fairness and Spiking Elimination Ad Hoc Subcommittee unanimously recommended preventing employees from using the following streams of revenue to bolster pension payouts: communication and transportation allowances, retirement contribution reimbursement, Public Safety Enhanced Regular Compensation payments (which includes money for uniform allowances), and future payouts for unused sick time and vacation leave.
See also: -Stanton Won't Approve Contract for Next City Manager Allowing Pension Spiking -Phoenix Voters Adopt Pension Changes Expected to Save Nearly $600 Million Councilman Bill Gates, who chaired the subcommittee, said in a statement that he believed the city "should go further and exclude previously accrued sick time and vacation leave from pension calculations."
The subcommittee, formed by Mayor Greg Stanton on September 9, included council members Tom Simplot, Thelda Williams, and Daniel Valenzuela. The recommendation will be considered by the full council at 2:30 p.m. on October 22 at the Phoenix City Council Chambers, 200 West Jefferson Street.