Arizona Proposition 486, a statewide ballot measure presented to voters in the November 2022 election, proposed amending the Arizona Constitution regarding the retirement benefits of public safety personnel. Specifically, it sought to increase the cost-of-living adjustment (COLA) for retired police officers, firefighters, corrections officers, and elected officials of these departments. This adjustment would be tied to the Consumer Price Index, with a potential maximum annual increase of 5%.
The outcome of this election significantly impacted the financial future of Arizona’s public safety retirees. A higher COLA could help protect their retirement income from the erosive effects of inflation, ensuring their financial security. Conversely, concerns were raised about the potential long-term costs for state and local governments. The vote on Proposition 486 represented a decision about balancing the financial well-being of public safety retirees with the fiscal responsibilities of the state.