11-04-2010, 12:22 AM
Just change the effective date to July 1,2011 and that is what is coming and will be passed this coming session. And also on the table is elimination/reduction of DROP and elimination/reduction of 3% yearly increase to retirees including those already retired. Go Rick Scott Go. :(
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There is a bill (HB1319/SB 1902) moving in Tallahassee that will significantly change the Florida Retirement System if passed. Some highlights of HB 1319/SB 1902 include:
Retirement compensation will be computed based on the average salary over ALL years of service (yes from your first to your last). The average of the “highest five years” rule will be repealed. There is no grandparenting clause, so this will apply to existing employees participating in the FRS system who continue to work after July 1, 2010.
Reduction in annual multiplier from 1.6% to 1.44% for regular class; reduced from 2% to 1.8% for senior management class; and reduced from 3% to 2.7% for special risk class (cops, firefighters, etc). There is no grandparenting clause, so this would apply going forward to existing employees participating in the FRS system who continue to work in qualified positions beyond the effective dates.
Normal retirement service years and ages increased to 33 years/age 65 (currently: 30 years/age 62), and by +3 years for all special risk categories. There is no grandparenting clause, so this will apply to existing employees participating in the FRS system who continue to work in qualified positions beyond the effective dates.
Average full compensation would no longer include accumulated annual leave paid out of the end. Accumulated sick leave paid out at the end will also not be counted towards calculating FRS compensation benefits.
Maximum benefit reduced to 80% of average final compensation. Existing 90% cap would remain for FRS participating employees who vested (at least 6 years of qualified FRS service) before July 1, 2010.
Also pending is :
Cut the maximum benefit to 70% of average final compensation.
Makes significant changes in law to municipal pension plans for firefighters and police officers.
Effective July 1, 2010.
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There is a bill (HB1319/SB 1902) moving in Tallahassee that will significantly change the Florida Retirement System if passed. Some highlights of HB 1319/SB 1902 include:
Retirement compensation will be computed based on the average salary over ALL years of service (yes from your first to your last). The average of the “highest five years” rule will be repealed. There is no grandparenting clause, so this will apply to existing employees participating in the FRS system who continue to work after July 1, 2010.
Reduction in annual multiplier from 1.6% to 1.44% for regular class; reduced from 2% to 1.8% for senior management class; and reduced from 3% to 2.7% for special risk class (cops, firefighters, etc). There is no grandparenting clause, so this would apply going forward to existing employees participating in the FRS system who continue to work in qualified positions beyond the effective dates.
Normal retirement service years and ages increased to 33 years/age 65 (currently: 30 years/age 62), and by +3 years for all special risk categories. There is no grandparenting clause, so this will apply to existing employees participating in the FRS system who continue to work in qualified positions beyond the effective dates.
Average full compensation would no longer include accumulated annual leave paid out of the end. Accumulated sick leave paid out at the end will also not be counted towards calculating FRS compensation benefits.
Maximum benefit reduced to 80% of average final compensation. Existing 90% cap would remain for FRS participating employees who vested (at least 6 years of qualified FRS service) before July 1, 2010.
Also pending is :
Cut the maximum benefit to 70% of average final compensation.
Makes significant changes in law to municipal pension plans for firefighters and police officers.
Effective July 1, 2010.