Arizona corrections and detention officers hired on or after July 1, 2018, will have new retirement benefits. Watch this video for a basic overview.
Please note that the available benefits differ for certain employees of the Administrative Office of the Courts….(read more)

LEARN MORE ABOUT: 401a Plans

REVEALED: Best Investment During Inflation

HOW TO INVEST IN GOLD: Gold IRA Investing

HOW TO INVEST IN SILVER: Silver IRA Investing

In 2018, significant changes were made to the Corrections Officer retirement plan (CORP) pension system in an effort to address the sustainability and viability of the plan for corrections officers in the future. The reforms were designed to ensure that the retirement plan remains financially sound and provides adequate benefits for those who dedicate their careers to serving in the corrections industry.

One of the key changes to the CORP pension system was the increase in the retirement age for new and current members. The retirement age was raised from 52 to 55 for new entrants into the plan. This adjustment was made to reflect the increasing life expectancy and the need for pension funds to last for a longer period of time in retirement.

Additionally, changes were made to the contribution rates for employees and employers. Both parties saw an increase in their contribution rates in order to bolster the funding of the pension plan. The changes were made to ensure that the plan remains financially stable and can continue to provide retirement benefits to corrections officers in the years to come.

Another important reform to the CORP pension system was the calculation of pension benefits. The changes were made to the formula used to determine the amount of pension benefits that a retiring corrections officer is entitled to. This was done to better align the benefits with the contributions made by employees and employers, and to ensure that the plan can meet its obligations to retirees.

These reforms were met with mixed reactions from corrections officers and their unions. While some welcomed the changes as necessary steps to ensure the long-term sustainability of the pension plan, others expressed concerns about the potential impact on their retirement benefits. However, it is important to note that the reforms were made with the intention of preserving the CORP pension system and securing the retirement future of corrections officers.

Overall, the 2018 CORP pension reforms aimed to address the financial challenges facing the retirement plan and ensure that it remains a reliable and sustainable source of retirement benefits for corrections officers. The changes were made with the long-term interests of plan participants in mind, and it is hoped that they will help to secure the financial future of those who dedicate their careers to working in the corrections industry.