A revised Phoenix city pension plan that officials said could save $600 million over 25 years was approved overwhelmingly by voters in last week's special election.
Proposition 201, which equalize annual contributions to the Phoenix Employee Retirement System by the city and employees, passed with 79% approval. Proposition 202, which authorizes more aggressive investments by the municipal retirement system, was favored by 77%. The changes will affect new employees hired after July 1 but not current workers. The municipal system does not include police, firefighters, or EMTs, which are covered by state plans.