There is no urgent need to overhaul the Florida Retirement System. But if the Legislature is determined to meddle, the Senate is meddling less than the House.
House Bill 7011 would force all who enroll in FRS after this year to sign up for a “defined-contribution” plan — basically a 401(k). Most in FRS prefer a “defined benefit” that pays a guaranteed amount. The FRS covers about 623,000 workers and 335,000 retirees from school districts, state agencies and local governments, including some emergency workers. Those enrolled or already retired would not be directly affected.
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