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Senate moves to modify its FRS pension bill; cap contributions for most at 2%

A Senate committee proposed a modified bill Thursday that focuses on shoring up the Florida Retirement System and less on using the savings to close the state budget gap.

Leaders of the Senate Governmental Oversight and Accountability Committee pushed a compromise that would require most state workers to contribute up to 2 percent of their salaries to their retirement funds, while elected officials, senior management and anyone making more than $75,000 would pay four percent of their salary into the retirement system.

The measure by Sen. Jack Latvala, a St. Petersburg Republican, also removes a requirement that new employees in the Florida Retirement System enroll in 401(k) plans and activates employee contributions only to pay for any unfunded liability in the retirement fund. The committee will vote on the proposal during the first week of the legislative session in March.

“It would have a minimal effect on their take home pay,’’ Latvala said, adding that he sought a compromise that could pass the full Senate, where leaders have said they don’t want state employees to have richer retirement accounts than those offered in the private sector. More here.

Comments

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Stephen Vermilyea

I think that we as citizens should all be ready to contribute to the state based on our earnings. I also would like to point out that when times were good you could not find a person that would work for the state. In fact most people felt that anyone working for the goverment at any level were the lowest paid and compaired to most industries, we are.
Now that most of the higher paying jobs have been lost, its the state employees that have slightly more money than the unemployment benifets received, with the addition of medical benifits and retirement packages that are putting this state in a financial bind. The Governor wants fairness, we as state workers should not be different in anyway to the private Florida tax payer,(I am a tax payer also).
Just keep that in mind when all the jobs that are proposed are filled, and the compition for workers returns, private industry will pay higher wages and give the workers other perks.
Take medication now to prevent memory loss. Because as it is now it will be latter - we should be treated the same.

BM

Kick the can on down the road for the next chump to fix. That is what this bill will do.

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