Pension trick may save Phoenix $10 million
CLOSE The non-profit watchdog Truth in Accounting gave Phoenix and Mesa "D" grades for their financial health. The national group cited pension debt as a key factor.
Phoenix is trying a creative new strategy to chip away at its $4.4 billion pension debt.
Yes, you read that right. Phoenix owes $4.4 billion to its retirees. But the new plan could knock off $10 million of that over the course of 20 years.
The city — along with most cities across the Valley and the country — has struggled with how to conquer its pension liability for years.
As the debt grows, so does the city's... read more