TALLAHASSEE, FL – The state officially washed its hands of all financial shortfalls of city and county pension funds, under a new law signed Friday by Gov. Rick Scott.
The statute, adopted in the 2013 legislative session, also increases financial reporting requirements for the “defined benefits” retirement systems of local governments. The act states that cities, counties and special districts have 492 pension plans with benefits for about 79,000 retirees -- with an unfunded actuarial liability estimated at $10 billion.
Editor's Note: Central Florida Teamsters from Osceola Corrections and Winter Park Police spent last week lobbying senators to kill any changes to the Florida Pension. We appreciate the support of Senators Latvalla and Soto for their passionate pleas on behalf of first responders in Florida.
TALLAHASSEE, FL – House Speaker Will Weatherford's plan for closing the Florida Retirement System to new employees died Tuesday in a close Senate vote.
Sen. Wilton Simpson, R-Trilby, had offered his own bill (SB 1392) as an alternative to the House-passed bill (HB 7011) by Rep. Jason Brodeur, R-Sanford. Simpson's bill would have allowed rank-and-file employees to continue joining the FRS "defined benefit" plan -- with a fixed monthly pension at the end of their careers -- while giving them financial incentives for opting into the "defined contribution" plan, similar to the 401(k) retirement plans popular in the private sector.
126 N. Kirkman Road
Orlando, FL 32811
Copyright © 2012. All Rights Reserved.
Designed by Shawn M. Meadows.