Pension costs increasing as Apache Junction, Gold Canyon grow
The Arizona state program that provides lifelong monthly retirement income to city, fire and school district employees is requiring additional funding from both employers and present employees.
In July, city, fire and school district budgets increased funding per employee set aside for pensions.
State retirement system
The Arizona State Retirement Systems retirement pension provides a lifetime guaranteed benefit based on years of service and final salary, according to azasrs.gov.
The retirement system began in 1953 and has more than a half-million members, including nearly 150,000 retirees receiving the monthly benefit, officials say.
