Retirement Question

Ask an Expert---

Q: I am 73 and retired from Metro Dade Police Department. My retirement account is with the state of Florida. This is my primary income in addition to Social Security. I'm concerned how secure my income is in light of the decrease in stock earnings. Recently, I read in the paper that the state was considering "borrowing" cash flow from some budgeted areas. Can they touch the retirement funds?
-- J.R., Mount Dora

A: The State Retirement System is a defined benefit plan. Each local government entity is ultimately responsible for the pension plan it sponsors. Your retirement plan risk is borne by Dade County. Benefits promised to public employees are funded by current and future taxpayers. The county or state may not use funds in funded retirement plans for other purposes.

-- PAULA TAYLOR

If you're talking about FRS (FL. Retirement System) then they can whatever they want with the funds. Why, because we don't contribute to it. If we only contributed .005 then they couldn’t do anything without our approval.

Saving grace, they have as much to loose if not more if they completely screw up the fund. But you have to be afraid because the voters are electing stupider representatives to go to Tally.

If you're talking about FRS (FL. Retirement System) then they can whatever they want with the funds. Why, because we don't contribute to it. If we only contributed .005 then they couldn’t do anything without our approval.

Saving grace, they have as much to loose if not more if they completely screw up the fund. But you have to be afraid because the voters are electing stupider representatives to go to Tally.
I see the grammar police coming code 3

Florida FRS is one of the healthest plans in the country. A letter came out last month during all the financial crisis and it showed how much was in the FRS plan and exactly what they had the money invested in. I am retired from a Dade County City defined pension plan and now working for the State , with already 6.5 years of service. Dont worry about the FRS plan and only get the information from them directly ... not this website , which has a lot of misinformation and gossip rumors.

I wish you continued success in your retirement and dont worry...

https://www.rol.frs.state.fl.us/

Cut and paste the above link to have them give you factual info

Enjoy your time you deserve it!