March 21, 2013
Provided to Florida Public Employees
By: Gary Rainey – Florida Professional Firefighters
The Senate Community Affairs Committee voted on party lines to adopt the FRS pension Bill 1392 yesterday. The bill moved forward without any amendments. All Republicans voting for the pension reductions, all Democrats voted against. We have spoken with the sponsor and his staff several times over the past week to try and have our amendments offered. Thus far these efforts have been resisted. This bill closes the pension plan for elected officers and Senior management, but allows Special Risk members to continue in the pension plan. It also puts all new hires who fail to make a retirement selection in their first 5 months into the Investment plan (401k). It also increases the vesting requirement from 8 to 10 years. This bill still remains a preferred alternative to the House bill which is scheduled to pass the House this week.
We are hearing rumors of a “cash balance” pension alternative, but no plan has been offered yet.
Gary Rainey, President/CEO
Both comments and pings are currently closed.