+ Reply to Thread
Page 1 of 3 123 LastLast
Results 1 to 10 of 21
 
  1. #1
    Unregistered
    Guest

    FRS. The beginning of the end.

    SR 84 is on its way to the 3 rd reading of the bill to the senate. It will likely pass, go to the house where it will likely pass. The FRS pension plan will end and investment plan will be the only choice for all new hires on or after July 1 2022. Thanks to the Florida PBA lobbyists and its director Matt Puckett and firefighters unions, special risk members will still be able to enroll in the pension plan in other words special risk members are exempt. But the special risk members class are only 75,000 and regular class are 550,053 members. Slowly but surely the FRS members contributions will start declining. Special risk members contributions will not be enough to sustain the future retirement benefits of the current members. Why are the republicans always ****ing with the retirement plan? I will always be thankful to Jeb Bush for giving us back the 3% multiplier. And also Rivera for his political acumen back then. But ever since Rick Scott , it had been hit after hit after hit. I really feel for the new generations. Thanks to all those that called the elected officials. It works , we are exempt but it will just slow the inevitable, the end of the FRS pension plan. Welcome to Florida Wall Street where it is sure if you pay , you get to play.

  2. #2
    Unregistered
    Guest
    Quote Originally Posted by Unregistered View Post
    SR 84 is on its way to the 3 rd reading of the bill to the senate. It will likely pass, go to the house where it will likely pass. The FRS pension plan will end and investment plan will be the only choice for all new hires on or after July 1 2022. Thanks to the Florida PBA lobbyists and its director Matt Puckett and firefighters unions, special risk members will still be able to enroll in the pension plan in other words special risk members are exempt. But the special risk members class are only 75,000 and regular class are 550,053 members. Slowly but surely the FRS members contributions will start declining. Special risk members contributions will not be enough to sustain the future retirement benefits of the current members. Why are the republicans always ****ing with the retirement plan? I will always be thankful to Jeb Bush for giving us back the 3% multiplier. And also Rivera for his political acumen back then. But ever since Rick Scott , it had been hit after hit after hit. I really feel for the new generations. Thanks to all those that called the elected officials. It works , we are exempt but it will just slow the inevitable, the end of the FRS pension plan. Welcome to Florida Wall Street where it is sure if you pay , you get to play.
    Serious question. Letís say in 30 years frs canít make the payments to the retirees. Isnít that a preach of contract and the state can be sued?

  3. #3
    Unregistered
    Guest
    Quote Originally Posted by Unregistered View Post
    Serious question. Letís say in 30 years frs canít make the payments to the retirees. Isnít that a preach of contract and the state can be sued?
    There is no contract to breach. Thatís why is so imperative that our union fight like hell to protect FRS. Not only for the new guys but the older ones as well. The firefighters have had a much better handle on politics than the new PBA. For now we are super lucky the firefighters separated us out but the elephant is in the tent and we are next. Thereís too much money to be made.
    Just watch, when the senate president retires he will be paid handsomely for his transferring FRS money into privateers. Billions are at stake. Sadly the PBA is mostly staying silent and will continue to support those who harm our best interests.

  4. #4
    Unregistered
    Guest
    Quote Originally Posted by Unregistered View Post
    There is no contract to breach. Thatís why is so imperative that our union fight like hell to protect FRS. Not only for the new guys but the older ones as well. The firefighters have had a much better handle on politics than the new PBA. For now we are super lucky the firefighters separated us out but the elephant is in the tent and we are next. Thereís too much money to be made.
    Just watch, when the senate president retires he will be paid handsomely for his transferring FRS money into privateers. Billions are at stake. Sadly the PBA is mostly staying silent and will continue to support those who harm our best interests.
    Just to be clear, signing into frs with the promise of something in the future isnít a contract?

  5. #5
    Unregistered
    Guest
    Quote Originally Posted by Unregistered View Post
    Just to be clear, signing into frs with the promise of something in the future isnít a contract?
    No it is not. Special risk members will be able to enroll into the pension plan. Like I mentioned before , special risk members are about 75,000. Even if every special risk member choose the pension plan ( which is not the case) there were not be enough contributions to pay the retirees. As of today there are 550,053 regular class members and about 72% are enrolled in the pension plan. Their contributions along with all the other classes are paying our benefits today. There are about 397000 regular class contributing into the pension plan as we speak. After July 1 2022 no regular class member ( new hire) will contribute into the pension plan. It is definitely a slow draining of the funding of the pension plan. Basically let the new ones worry about it. SAD! SAD!

  6. #6
    Unregistered
    Guest
    Quote Originally Posted by Unregistered View Post
    Just to be clear, signing into frs with the promise of something in the future isnít a contract?
    The only way that would happen is if the state of Florida files for bankruptcy. That will never happen

  7. #7
    Unregistered
    Guest
    Quote Originally Posted by Unregistered View Post
    No it is not. Special risk members will be able to enroll into the pension plan. Like I mentioned before , special risk members are about 75,000. Even if every special risk member choose the pension plan ( which is not the case) there were not be enough contributions to pay the retirees. As of today there are 550,053 regular class members and about 72% are enrolled in the pension plan. Their contributions along with all the other classes are paying our benefits today. There are about 397000 regular class contributing into the pension plan as we speak. After July 1 2022 no regular class member ( new hire) will contribute into the pension plan. It is definitely a slow draining of the funding of the pension plan. Basically let the new ones worry about it. SAD! SAD!
    After a Google search it shows that you are wrong sir/maím. I think you need to research more.

  8. #8
    Unregistered
    Guest
    Quote Originally Posted by Unregistered View Post
    After a Google search it shows that you are wrong sir/maím. I think you need to research more.
    Most likely itís PBA blowing more smoke up our ass. All they do is selfies and story telling.

  9. #9
    Unregistered
    Guest
    The State of Florida, by law, would have to raise taxes as high as needed to ensure payments on pensions being paid to retirees. FRS is a contract, via state statute, that must be paid out to existing retirees. This is a settled case in Federal court as result of a lawsuit. Unless Florida ceases to exist as a State, they must pay those with accrued benefits.

    If youíre retired and collecting, the odds of you losing your pension are slim and none. If you havenít retired, you could have problems. They canít take away the accrual that youíve earned, if vested, but they can make it miserable from a certain date going forward. ex: 1% multiplier or you must go Investment Option for the rest of your time on the job.

    Donít forget, even with the ďfundedĒ percentage below 100% the odds of not being able to pay out for the next 50-70 years is not mathematically possible. If youíre just starting, youíre in a different world of poop.

  10. #10
    Unregistered
    Guest
    Quote Originally Posted by Unregistered View Post
    The State of Florida, by law, would have to raise taxes as high as needed to ensure payments on pensions being paid to retirees. FRS is a contract, via state statute, that must be paid out to existing retirees. This is a settled case in Federal court as result of a lawsuit. Unless Florida ceases to exist as a State, they must pay those with accrued benefits.

    If youíre retired and collecting, the odds of you losing your pension are slim and none. If you havenít retired, you could have problems. They canít take away the accrual that youíve earned, if vested, but they can make it miserable from a certain date going forward. ex: 1% multiplier or you must go Investment Option for the rest of your time on the job.

    Donít forget, even with the ďfundedĒ percentage below 100% the odds of not being able to pay out for the next 50-70 years is not mathematically possible. If youíre just starting, youíre in a different world of poop.
    No. The legislature will not have to raise taxes. Every year the legislature gets an actuarial report from the Department of Management Services and based on that report, the legislature will set the percentage that every county ( 67 in total) will have to pay the state to keep the payment of the retiree benefits. All the FRS members are able to see this amount minus the 3% the employees contribute in their biweekly paycheck. Again it is going to be a very slow death. The fact that special risks are exempted was a small victory. Special risk members are 12% of the FRS membership and after July 1 2022 will be the only ones contributing to the pension plan. Again most of us will not see the real effects but how can the future pension plan retirees will get their benefits?

+ Reply to Thread
Page 1 of 3 123 LastLast

Bookmarks

Posting Permissions

  • You may post new threads
  • You may post replies
  • You may not post attachments
  • You may not edit your posts
  •