Boozer Supports Amendment One for Retirement Reform
If you are voting next Tuesday, there is a question on the ballot that you may not know about. It involves the retirement plan for District Attorneys and judges. And it could save you, the taxpayer, a lot of money, if passed.
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Right now, Alabama circuit clerks and judges pay a small percentage into their retirement plans, and district attorneys pay nothing into theirs. There is also no survivor benefits for their spouses.
Under Amendment One, there would be a new retirement plan in place that would allow them to pay into their own retirement instead of having the state pay it.
State Treasurer Young Boozer says it could save 4.3 million dollars annually and 130 million dollars over the next 30 years.
“If participants do not contribute, the amount of money that has to go in comes from the state. If they contribute, that would offset what the state would have to pay in. So it reduces the amount the state is required to spend in order to fund pension plans,” said Boozer.
If passed, this would only affect newly appointed and elected judges and DA’s. And would go into effect November 8th of this year.
