The Queen Creek Town Council unanimously approved a $7 million payment to fully fund the town’s police pension plan in the Arizona Public Safety Personnel Retirement System, providing savings to the town and police officers. The action took place during the council’s Wednesday, Dec. 7 meeting,
The Queen Creek Police Department went online in January, replacing the Maricopa County Sheriff’s Office. Before the Dec. 7 action, Queen Creek police officers’ pensions were funded by an internal town reserve of $26.3 million. The $7 million will be taken from the town’s internal police pension reserve.
“This is significant as it will save the town approximately $450,000 annually through contribution reductions,” stated Queen Creek Finance Director Scott McCarty, in a press release. “In addition, the $7 million is expected to earn higher investment returns with PSPRS than if it remained with the town. Due to restrictions on the types of investments the town can make, and the size and sophistication of the PSPRS investments, having the money in PSPRS is anticipated to make approximately $250,000 more annually."
