DO YOU UNDERSTAND

I don't think you people realize what is going to happen when Scott takes office. The only half decent thing about working for this state was the FRS. Now that is getting destroyed. You people better start working some serious off-duty and start saving your money. Also, start planning on working until you are 60, paying into your retirement, changing the % from 3 to 2, and not getting a pay raise during his entire time in office. You guys are PHUCKED. Get out if you can. Have some respect for yourself.

Like anything has changed in state employment? Hell, the retirement system wasn't any good to start with. 85% of $40,000 is crap.

Like anything has changed in state employment? Hell, the retirement system wasn't any good to start with. 85% of $40,000 is crap.

You're right, but it's not 85%, it's 75%...THAT'S WORSE!!!

3% per year. 25 years = 75%, 30 years = 90%. That isn't a bad deal, especially when you compare it to regular career service where at 1.6% per year, 30 years is just under 50%. The pay is not commensurate with the risks but the percentage is nothing to sneeze at.

I picked this up from LEO ESCAMBIA...cannot verify authenticity or reliability but it makes damn good sense,sounds fair & practicale, ANd most importantly makes me feel warm & fuzzy...3rd para in particuler~!~! Just thought I woiuld pass it along~!~! Report this postReply with quoteRe: Pension Facts vs Rick Scott's Lies
by Other LEO County on 12/04/10 17:18:33:

Unfortunately, the pension hype is due to plain old jealousy. The media and citizens are complaining not because they care about taxes, but only because they are envious of public servants since they lost some money in the market or took a pay cut. If the citizens cared about what their taxes go to they would be screaming about all the section 8, food stamps and useless social programs many degenerates receive from the government. When I see an individual in my county who has been arrested time after time I wonder how he/she survives. When they tell me they get government assistance and food stamps for beer I get annoyed. Then I read the paper and some moron is complaining that the police get a take home car. So, it's fine for criminals and the irresponsible to milk the system, but heaven forbid a cops gets a decent pension.

Bottom line is for current employees the state pension is protected by state statute and the constitution. It specifically states the "state" cannot break contracts. Historically, the courts have ruled defined benefit pensions are considered a contract. There is precedent where states have challenged pension reform the courts have sided with the employees. New hires are fair game. However, contrary to the pension reform threats legally they cannot change anything for current employees.

Rick Scott was recently in S. Fl with the legislators and asked what their thoughts were. The legislators all agreed some type of cap should be put on pensions. However, unanimously, all the legislators related that current employee pensions shouldn't be touched. They all felt the state had a responsibility to fulfill its promises made to current employees. Fortunately, Rick Scott agreed.

I think many of these disgruntled private sector employees think if the pension system gets reformed they will magically get a new job or a raise and maybe their 401K will balloon up again. News flash, any money saved from the pension will go towards these legislators pet projects not back in your pockets.Other LEO County

If the pension issue ends up in the courts, the choice will be between funding the running of the states vs pension fund deficits. Everyone will take the hit.

Best course of action is to not rely on the FRS pension for 100% of your retirement income. Politcians and union bosses traded pension promises for votes and now the bills are due but the money isn't there. Don't expect much sympathy from the taxpayers with 12% reported unemployment but probably higher. Save at least 10% of your salary from day one until the day you retire and you will be OK. Work a few years longer if you have not done so already, DROP, etc. Don't invest more than 50% in stocks and other risky investments. Otherwise you will be at the mercy of the courts, politicians and pension fund actuaries during retirement.

The Florida pension fund is very sound, it currently has 119 billion dollars in it and growing. Rick Scott has lied about the FRS pension fund.

The Florida pension fund is very sound, it currently has 119 billion dollars in it and growing. Rick Scott has lied about the FRS pension fund.

http://www.miamiherald.com/2010/03/24/1544267/floridas-pension-fund-shortfall.html

The $15 billion FRS deficit was well known by everyone before Scott was running for governor. Scott and the legislature are only stating the facts as provided by the independent actuaries which audited the fund.

either way. still going to have to get a job to pay bills after retirement. :roll: