A key Florida House committee didn’t wait for facts and figures before moving ahead with a plan to bar new state employees from enrolling in the Florida Retirment System’s most popular pension plan. Now, the consultant’s report that was supposed to provide those facts and figures is flawed and must be reworked.
That didn’t stop Senate President Don Gaetz, R-Niceville, in an interview Tuesday with The Palm Beach Post Editorial Board, from generally supporting the plan to make teachers, many county workers and all court personnel who are hired after this year enroll in a 401(k)-style defined contribution plan instead of a defined benefit plan that pays a guaranteed pension. Sen. Gaetz said the state this year will “write a $500 million check” to “prop up” the FRS. He warned that Florida could have to raise taxes to keep the FRS solvent because it is “a pension system that doesn’t stand on its own.”
Subscribers get total access to this story, and all our in-depth news, digital editions and exclusive content. Subscribe today, or try a 24-hour or 7-day digital pass.
All Day Access — 24-hour digital pass99¢ for 24 hours
All Week Access – 7-day digital pass$3.99 for 7 days
All Access, All the Time – Print & DigitalView Offers
Post Print Subscriber — I need to register my account for digital access.Access Digital
Registered Post Subscriber — Sign me in.Sign In