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.
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.
Registered Post Subscriber — Sign me in.Sign In
Post Print Subscriber — I need to register my account for digital access.Access Digital
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