January 25, 2013

PUBLIC PENSION UPDATE: Florida Legislators considering pension system overhaul. “A panel of Florida lawmakers is considering a drastic overhaul to the state’s pension system that would include eliminating the state’s current pension system and shifting new employees to a 401(k)-style plan. The move comes just a week after the state Supreme Court upheld a 2011 law that required public employees to contribute 3 percent of their pay to their retirement plans. Previously, the state fully funded the Florida Retirement System, long considered a perk for state employees with low salaries.”