Brace for impact

Brace for impact. The full frontal assault on your future is underway.

FRS Legislative Alert, HB 303
by FRS Options on Thursday, January 20, 2011 at 9:02pm

House Bill 303 was introduced by Representative Fredrick Costello (click name for contact information)of Ormond Beach. It is a far reaching and devastating proposal for Florida Retirement System members, particularly FRS Special Risk members. The bill was filed just today, so we have had very limited time to study it. Please note also, that we are not lawyers, so some of the language is somewhat subject to interpretation, but as we read it, the bill includes the following changes:
Service credit would be reduced from 3% to a maximum of 1.6% for ALL employees for future service after June 30, 2011. Higher credits for previous years will be honored, but all future years for ALL employees will be reduced to 1.6% per year. (HB 303, lines 112-125)
Effective December 31, 2012 the Deferred Retirement Option Program (DROP program) is terminated for ALL members. Those already in the DROP will be paid out and terminated. (HB 303, lines 147-152)

Overtime, unused sick pay and vacation pay will not be used in the calculation of Average Final Compensation (HB 303, lines 161-165, and 207-211)
The minimum retirement age for eligible employees (special risk?) goes from 25 years of service or age 52, to a minimum retirement age of 55, regardless of years of service, and is vested after 10 years. (HB 303, lines 601-606 firefighters, and 1239-1241 police officers). For those in special risk that are approaching 25 years and under age 55, this could be a disaster.
There are two other changes of note. The statute language that doesn’t allow decreases in benefits is struck out and eliminated. Effectively, this would seem to potentially change the law, and preclude lawsuits about the changes that reduce benefits, which currently seems to be against the law.
Another change which is pertinent to the change in minimum retirement age is the penalty for early retirement goes from 3% per year to 5% per year. If you are 50 with 25 years in, and want to retire now, you would effectively be penalized 25% of your pension, as the new retirement age is 55, and not just 25 years.

Everyone over the age of 40 merely needs to file a federal discrimination lawsuit. Being over 40 makes you a protected class and the federal courts don't care what the state law says. A smart attorney should start a class action suit and retire a multi-millionaire!

I'm already retiired (ABT, 30 yrs service) and don't read anything in the above that would affect me. Am I correct?

I'm already retiired (ABT, 30 yrs service) and don't read anything in the above that would affect me. Am I correct?

Not entirely correct. If this moron's bill passes as is, you may see a reduction in your check. The wording that currently keeps the state from backing off it's promise to retiree's is stricken in this proposed bill.

I'm already retiired (ABT, 30 yrs service) and don't read anything in the above that would affect me. Am I correct?

Not entirely correct. If this moron's bill passes as is, you may see a reduction in your check. The wording that currently keeps the state from backing off it's promise to retiree's is stricken in this proposed bill.

I know that they're going to try to eliminate the COLA and HIS. They tried the HIS this past session of the legistlature but it survived because of some kind of Indian reservation gambling law passage that gave them the funds to do whatever it is thay they do (mostly steal) but I know it's coming. At least retirees are in a little better position than those of you who are yet to retire or those just now coming aboard. Good luck .

I'm already retiired (ABT, 30 yrs service) and don't read anything in the above that would affect me. Am I correct?

Not entirely correct. If this moron's bill passes as is, you may see a reduction in your check. The wording that currently keeps the state from backing off it's promise to retiree's is stricken in this proposed bill.

After research, I would like to change the word moron to misinformed. Thank you.

Why doesn't each person who sponsored these bills have their face, address, phone number, tag number, vehicle description, and faces, names, tags, addresses, and vehicle descriptions of their family plastered on the desk and/or dashboard of everyone in or receiving benefits from FRS?

I'm not suggesting anything other than if you encounter them, you should be aware in your dealings that they are making a serious attempt at screwing you and your family out of your financial future. Even if any or all of these bills fail, prepare for them to try again next year.

It's time to show them how you really feel. They've certainly shown you how they value you.

I'm already retiired (ABT, 30 yrs service) and don't read anything in the above that would affect me. Am I correct?

Not entirely correct. If this moron's bill passes as is, you may see a reduction in your check. The wording that currently keeps the state from backing off it's promise to retiree's is stricken in this proposed bill.

After research, I would like to change the word moron to misinformed. Thank you.

Hey, I was OK with the word "Moron." Another good description would be "Parasite."

ABT retiree

Well, all the whinning and crying that so many of you fine folks have done. Wasted time and breath once again. Hopefully the doom and gloom attitude one day will leave each of you and you will realize that no matter how much you complain and pitch a fit, you cannot change anything. It is like waiting for a hurricane to hit. You can prepare but talking bad about the storm doesn't change the direction it is going. Once again it was a waste of time and energy. I would hope that each of you has a life and something better to do with your time?

I am thankful for the outcome.

Well, all the whinning and crying that so many of you fine folks have done. Wasted time and breath once again. Hopefully the doom and gloom attitude one day will leave each of you and you will realize that no matter how much you complain and pitch a fit, you cannot change anything. It is like waiting for a hurricane to hit. You can prepare but talking bad about the storm doesn't change the direction it is going. Once again it was a waste of time and energy. I would hope that each of you has a life and something better to do with your time?

I am thankful for the outcome.

Please share your drug of choice - Lexapro, perhaps? Maybe Paxil? The good news is your dose seems to be working. The bad news is the withdrawal of HB 303 doesn't signal the end to the attack against state employees and their benefits. The governor's budget proposal promises to cut spending by 5 BILLION DOLLARS. Where do you think that money is coming from? Your secretary wants to furlough you 48 days next fiscal year. You do understand that is a 19% pay cut, don't you? The legislators have already agreed to make you pay into your retirement. The only question is how much. Expect that to equate to a 5% pay cut as well. No pay raises in sight. The cost of insurance is going up. All these things mean less money for you and less money for your family. Just set back and let it happen? I don't think so. You may be right on one issue though. Drugs would be the only way to make the whole thing palatable.