Actuaries who worked on the plan said the state can't do anything to wipe out the existing debt. But they said new limits on pensions for employees will help limit future obligations.

For example, new employees will not have some of the same options as current workers, including the ability to retire early and collect benefits. There also is now a cap on how much of any new employee's salary can be considered in computing their pension.

All that is already approved.

What is contingent on voter approval is a change which now guarantees public safety retirees a cost-of-living increase any time the fund's earnings exceed a certain amount. While there have been no increases for the last two years, pensioners have seen 4 percent increases for more than a decade before.

The legislation would replace that with cost-of-living allowance capped at no more than 2 percent a year -- contingent on Proposition 124 being approved.

There was no organized opposition to the ballot measure, with proponents raising about $500,000. And most police and fire groups supported it -- with the key exception of the Arizona Police Association.