11-03-2010, 10:54 PM
Mike Bennett put his plan on hold until after the election, he knew Sink would not support him, but he knew Rick Scott would back his plan.
The Mike Bennett Plan for FRS
1. Retirement raised from 25 years to 30 years no one will be grandfathered in, if you are still working when his bill takes effect you will then be required to work for 30 years.
2. Retirement age raised from 55 to 60, again no one is grandfathered in.
3. Percent earned for each year of service currently is 3%, Bennett will reduce it to 2%.
4. You high five average will be changed to your average pay over your 30 years, that is going to reduce your retirement considerably.
What does this mean? It means we all lose. Instead of working for 25 years and retiring with 75% of your high five years, you will be forced to retire after 30 years with your average being all 30 of your work years and only getting 60% of that.
Guest
The Mike Bennett Plan for FRS
1. Retirement raised from 25 years to 30 years no one will be grandfathered in, if you are still working when his bill takes effect you will then be required to work for 30 years.
2. Retirement age raised from 55 to 60, again no one is grandfathered in.
3. Percent earned for each year of service currently is 3%, Bennett will reduce it to 2%.
4. You high five average will be changed to your average pay over your 30 years, that is going to reduce your retirement considerably.
What does this mean? It means we all lose. Instead of working for 25 years and retiring with 75% of your high five years, you will be forced to retire after 30 years with your average being all 30 of your work years and only getting 60% of that.
Guest