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House Passes Changes to State Pension Plan

February 24th, 2016 by Mike Vasilinda

The Florida House today approved changes to the state pension plan. The legislation allows retirees to come back into the system, but only if they choose a 401k option, it gives the families of slain police officers five thousand dollars in burial benefits the biggest change is that it automatically directs employees who don’t choose between the 401k plan or the defined benefit plan into the 401 k plan. Retired police officer, Representative John Cortes says the cops he knows don’t want a 401 k plan.

“Right now this pension system that you are trying to push onto police officers, which they don’t want anyway, is a 401K. Nobody wants a 4021k . they want something sustainable. A pension” says Cortes.

But Sponsor Matt Caldwell says everyone still has a right to choose the best plan for them, but those who don’t choose will end up in the 301k plan.

“And most of our employees that are choosing, today they choose the investment plan.the better choice for those who aren’t showing is the investment plan. We’re not going to punish those employees anymore by making a bad decision for them.”

Similar legislation has had a rough time in the Senate in past years, making its passage this year uncertain.

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