Just FYI

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https://wusfnews.wusf.usf.edu/politi...tate-employees

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So how do they shore up the pension if new employees arent paying into it? That's disconcerting.

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So how do they shore up the pension if new employees arent paying into it? That's disconcerting.

They will have the one's who remain in the program have more contributions

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Unless money isn't important to you, BAIL to TPD or similar departments. I'm willing to bet this will pass and will effect even those already employed.

[Unregistered]

It is amazing that the people in this fund have ignored what went on for over a decade.

First, the state gave the members of the pension fund the opportunity to cash out and go into a separate investment fund. This stripped out a large segment of the contributors. Then, in 2008, the Legislature, in an effort to "aid" counties, authorized a 7% reduction in the amount contributed by the government agencies. Also, they turned around and imposed a 3% contribution on the employee. So, the fund has been running a deficit, of 4% for 10 years. The only thing that has kept it going as well as it has, is the fact that the invests on which it is based are very well managed. But, sooner or later, the yearly contribution shortfall catches up to the fund.

Instead of fixing the FRS, the Legislature has ignored it. Now that the idiot politicians have tanked the best economy in the last century, over COVID, they are suggesting hosing the employees, again.

[Unregistered]

Don't panic, this change will only affect newly hired state employees. It will have no effect on county employees or retirees. If anything this move will lower the pension fund's liabilities and shore up its finances.

[Unregistered]

Don't panic, this change will only affect newly hired state employees. It will have no effect on county employees or retirees. If anything this move will lower the pension fund's liabilities and shore up its finances.

true. but you and i both know they're going for that next.

[Unregistered]

Don't panic, this change will only affect newly hired state employees. It will have no effect on county employees or retirees. If anything this move will lower the pension fund's liabilities and shore up its finances.

The new employees will not be contributing to the FRS pension fund any more. They will be in a 401k.

So, if your in the FRS pension system, 3% becomes 10% because of no new members contributing to the FRS pension. Plus ever year more and more people retire the higher the contribution will become.

The people in the FRS pension will make up the short fall, until they are all gone.

[Unregistered]

Don't panic, this change will only affect newly hired state employees. It will have no effect on county employees or retirees. If anything this move will lower the pension fund's liabilities and shore up its finances.

More than 1 million current and former workers take part in the retirement system, including state workers, county employees and teachers throughout Florida.