After fierce debate Friday between ruling Republicans and union-allied Democrats, the House approved an overhaul of the Florida Retirement System, the pension fund used by more than 620,000 teachers, law enforcement and other public employees.
The House voted 73-43 along party lines for the measure (CS/HB 7011), which would close the traditional pension plan to new employees. Beginning Jan. 1, new hires seeking a retirement account could instead only join a defined contribution investment plan similar to a 401(k) plan available to many private sector workers.
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