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08-09-2014, 02:13 PM
The city of Venice is ending city-run pensions for new police and fire employees. Future workers will enroll in a state-run pension called the Florida Retirement System (FRS).
Said city finance director Jeff Snyder, “We will be out of the pension business.”
The FRS has been in existence for more than 40 years and is the fourth-largest public pension system in the nation. Employers pay into the fund, but the plan, not the municipality, bears the market risk.
In the City of Sarasota, there are now more police retirees than employees and pension funds are underfunded.
http://www.heraldtribune.com/article/20140808/ARTICLE/140809695/2416/NEWS?Title=Venice-acts-to-ease-pension-burden
Said city finance director Jeff Snyder, “We will be out of the pension business.”
The FRS has been in existence for more than 40 years and is the fourth-largest public pension system in the nation. Employers pay into the fund, but the plan, not the municipality, bears the market risk.
In the City of Sarasota, there are now more police retirees than employees and pension funds are underfunded.
http://www.heraldtribune.com/article/20140808/ARTICLE/140809695/2416/NEWS?Title=Venice-acts-to-ease-pension-burden