Pinal Today

The Pinal County Board of Supervisors suggested options to pay the county’s unfunded public safety and corrections employee pension obligations. 

“The county currently has nearly $75 million of unfunded liabilities for its sheriff, detention and dispatcher pensions managed by the Public Safety Personnel Retirement System (PSPRS),” Pinal County said in a press release. “The county’s public safety and corrections pension accounts were negatively impacted by since-replaced unsustainable pension increases and lawsuits in state courts.”

County Manager Louis Anderson said the county was planning on increasing reserves to help with the pensions. 

“Doing so would reduce ongoing annual payments and create a more level annual payment structure providing greater budget stability,” the county said in the press release. 

The pension liability is accruing at 7.3% per year. Since interest rates are at a low due to the pandemic, the county could be issuing bonds with rates at 3%.

“The structure of these pension plans, voted into place many years ago, has created significant financial burdens for us today,” District 2 Supervisor Mike Goodman said in the press release. “It is important for our citizens to understand the long-term ramifications of these decisions, so we can all be better informed when voting. I am grateful that we are taking a proactive approach to address these issues, and feel the plan we have outlined will be beneficial for employees and hardworking county taxpayers.”