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what were the previous rates?

Here's an update on an old subject to this thread about the Legislature funding the UAL. To put it in some context - We had a discussion about just how much the Legislature should pay towards the UAL and how much all the other employers should pay. The worry from at least one poster was that the Legislature would not fund raises because of the UAL payment and that the local government should foot a large chunk of the bill. I thought it was a great back and forth discussion.

Here' are new rates for the 1,000 state, county and local employers to pay into the system: $177 million from state agencies, $100 million from universities and colleges, $300 million from school districts, $50 million from cities and special districts, and $264 million from Florida's 67 counties.

Thanks,

I was under the impression the state was subsidizing the locals with that 500 million they authorized this year - I am assuming that is not the case and is covering the state portion only of the unfunded current liability. Would I be correct ?

[Matt Puckett]

Here's an update on an old subject to this thread about the Legislature funding the UAL. To put it in some context - We had a discussion about just how much the Legislature should pay towards the UAL and how much all the other employers should pay. The worry from at least one poster was that the Legislature would not fund raises because of the UAL payment and that the local government should foot a large chunk of the bill. I thought it was a great back and forth discussion.

Here' are new rates for the 1,000 state, county and local employers to pay into the system: $177 million from state agencies, $100 million from universities and colleges, $300 million from school districts, $50 million from cities and special districts, and $264 million from Florida's 67 counties.

Thanks,

I was under the impression the state was subsidizing the locals with that 500 million they authorized this year - I am assuming that is not the case and is covering the state portion only of the unfunded current liability. Would I be correct ?

Correct with one caveat. The state also provides the UAL funding for universities and colleges which gets you very close to the $500 million.

[Matt Puckett]

what were the previous rates?

The easy answer is much less. The Legislature has not fully funded the amortized UAL rates for a couple of years.

I'm sorry but what does UAL stand for?

[Matt Puckett]

I'm sorry but what does UAL stand for?

I'm sure someone will cringe at my description of this term, but here's my way of describing it:

Unfunded Actuarial Liability (UAL) - the UAL describes the pension fund's estimated total payments to all participants, both actives and retirees, (Liabilities) compared its current estimated value (Assets). So if the fund has actuarial liabilities of $100 billion but only has actuarial assets worth $80 billion, the fund is valued at 80% with a UAL of $20 billion.

There's a lot more that goes into this estimation, but I won't get into all that. The bottomline is the UAL represents a liability to your pension fund which if not properly managed and funded may potentially place your retirement check in jeopardy.

Thank you Matt

Can a PERC hearing settlement be over turned or can the agency be held accountable after the settlement has been signed if new information has surfaced? For example lets say an employee had a termination letter but an agreement was reached before PERC, so the letter was withdrawn but the employee had to resign. Now said employee has an a resigned in lieu of termination. it was found out that a month before the resigned employees IA, there was another employee who was arrested but there was no IA for that employee, so no punishment. Does the resigned employee have a case due to the agency not conducting IAs equally, or administering punishment equally, or is the resigned employee just out of luck?

Can a PERC hearing settlement be over turned or can the agency be held accountable after the settlement has been signed if new information has surfaced? For example lets say an employee had a termination letter but an agreement was reached before PERC, so the letter was withdrawn but the employee had to resign. Now said employee has an a resigned in lieu of termination. it was found out that a month before the resigned employees IA, there was another employee who was arrested but there was no IA for that employee, so no punishment. Does the resigned employee have a case due to the agency not conducting IAs equally, or administering punishment equally, or is the resigned employee just out of luck?

Out of luck probably imo.

[Matt Puckett]

Can a PERC hearing settlement be over turned or can the agency be held accountable after the settlement has been signed if new information has surfaced? For example lets say an employee had a termination letter but an agreement was reached before PERC, so the letter was withdrawn but the employee had to resign. Now said employee has an a resigned in lieu of termination. it was found out that a month before the resigned employees IA, there was another employee who was arrested but there was no IA for that employee, so no punishment. Does the resigned employee have a case due to the agency not conducting IAs equally, or administering punishment equally, or is the resigned employee just out of luck?

Out of luck probably imo.

I ran this by legal and this is the answer:

Now as to the one employee having an IA and another not, that would be a disparate treatment argument possibly. But that would be argued if the case had gone to a hearing. So now that the settlement has been signed and accepted by PERC unless there is a breach of contract as a result of one of the conditions agreed upon not being upheld there is nothing that can be done to withdraw the settlement and proceed to PERC.

Sorry. On the other hand, if there is more to the story and you want to discuss it with our legal department please contact us.