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{"id":65553,"date":"2021-02-04T18:00:42","date_gmt":"2021-02-04T22:00:42","guid":{"rendered":"https:\/\/www.flanews.com\/?p=65553"},"modified":"2021-02-04T17:24:39","modified_gmt":"2021-02-04T21:24:39","slug":"florida-retirement-changes-coming","status":"publish","type":"post","link":"https:\/\/www.flanews.com\/2021\/02\/04\/florida-retirement-changes-coming\/","title":{"rendered":"Florida Retirement Changes Coming"},"content":{"rendered":"

Florida\u2019s pension plan would be no more under legislation that cleared a Senate Committee at the State Capitol Thursday morning.<\/p>\n

Some call the plan underfunded, but there are fears that ending the defined benefit plan could make it harder to hire critical workers.<\/p>\n

<\/iframe><\/p>\n<p>The state pension plan isn\u2019t just for state workers.<\/p>\n<p>Most teachers, sheriffs deputies, and many city and county employees are all members of the Florida retirement system.<\/p>\n<p>\u201cThe balance stands at $184 billion,\u201d said Ash Williams with the State Board of Administration.<\/p>\n\n\t\t<style type=\"text\/css\">\n\t\t\t#gallery-1 {\n\t\t\t\tmargin: auto;\n\t\t\t}\n\t\t\t#gallery-1 .gallery-item {\n\t\t\t\tfloat: left;\n\t\t\t\tmargin-top: 10px;\n\t\t\t\ttext-align: center;\n\t\t\t\twidth: 33%;\n\t\t\t}\n\t\t\t#gallery-1 img {\n\t\t\t\tborder: 2px solid #cfcfcf;\n\t\t\t}\n\t\t\t#gallery-1 .gallery-caption {\n\t\t\t\tmargin-left: 0;\n\t\t\t}\n\t\t\t\/* see gallery_shortcode() in wp-includes\/media.php *\/\n\t\t<\/style>\n\t\t<div id='gallery-1' class='gallery galleryid-65553 gallery-columns-3 gallery-size-thumbnail'><dl class='gallery-item'>\n\t\t\t<dt class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/www.flanews.com\/still0204_00004\/'><img loading=\"lazy\" decoding=\"async\" width=\"200\" height=\"113\" src=\"https:\/\/www.flanews.com\/wp-content\/uploads\/2021\/02\/Still0204_00004-200x113.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" srcset=\"https:\/\/www.flanews.com\/wp-content\/uploads\/2021\/02\/Still0204_00004-200x113.jpg 200w, https:\/\/www.flanews.com\/wp-content\/uploads\/2021\/02\/Still0204_00004-768x432.jpg 768w, https:\/\/www.flanews.com\/wp-content\/uploads\/2021\/02\/Still0204_00004.jpg 1280w\" sizes=\"(max-width: 200px) 100vw, 200px\" \/><\/a>\n\t\t\t<\/dt><\/dl><dl class='gallery-item'>\n\t\t\t<dt class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/www.flanews.com\/still0204_00005\/'><img loading=\"lazy\" decoding=\"async\" width=\"200\" height=\"113\" src=\"https:\/\/www.flanews.com\/wp-content\/uploads\/2021\/02\/Still0204_00005-200x113.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" srcset=\"https:\/\/www.flanews.com\/wp-content\/uploads\/2021\/02\/Still0204_00005-200x113.jpg 200w, https:\/\/www.flanews.com\/wp-content\/uploads\/2021\/02\/Still0204_00005-768x432.jpg 768w, https:\/\/www.flanews.com\/wp-content\/uploads\/2021\/02\/Still0204_00005.jpg 1280w\" sizes=\"(max-width: 200px) 100vw, 200px\" \/><\/a>\n\t\t\t<\/dt><\/dl><dl class='gallery-item'>\n\t\t\t<dt class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/www.flanews.com\/still0204_00002\/'><img loading=\"lazy\" decoding=\"async\" width=\"200\" height=\"113\" src=\"https:\/\/www.flanews.com\/wp-content\/uploads\/2021\/02\/Still0204_00002-200x113.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" srcset=\"https:\/\/www.flanews.com\/wp-content\/uploads\/2021\/02\/Still0204_00002-200x113.jpg 200w, https:\/\/www.flanews.com\/wp-content\/uploads\/2021\/02\/Still0204_00002-768x432.jpg 768w, https:\/\/www.flanews.com\/wp-content\/uploads\/2021\/02\/Still0204_00002.jpg 1280w\" sizes=\"(max-width: 200px) 100vw, 200px\" \/><\/a>\n\t\t\t<\/dt><\/dl><br style=\"clear: both\" \/>\n\t\t<\/div>\n\n<p>Since last June, the plan is up $23 billion after paying out $600 million a month.<\/p>\n<p>\u201cInvestments have been prudently executed with good results,\u201d said Williams.<\/p>\n<p>The problem is that benefits are outpacing contributions.<\/p>\n<p>Starting next year, State Senator Ray Rodrigues wants to force all new employees into a 401(k)-type investment plan.<\/p>\n<p>\u201cWe\u2019ve got to make sure that those we\u2019ve made promises to are promises the state can keep,\u201d said Rodrigues.<\/p>\n\n\t\t<style type=\"text\/css\">\n\t\t\t#gallery-2 {\n\t\t\t\tmargin: auto;\n\t\t\t}\n\t\t\t#gallery-2 .gallery-item {\n\t\t\t\tfloat: left;\n\t\t\t\tmargin-top: 10px;\n\t\t\t\ttext-align: center;\n\t\t\t\twidth: 33%;\n\t\t\t}\n\t\t\t#gallery-2 img {\n\t\t\t\tborder: 2px solid #cfcfcf;\n\t\t\t}\n\t\t\t#gallery-2 .gallery-caption {\n\t\t\t\tmargin-left: 0;\n\t\t\t}\n\t\t\t\/* see gallery_shortcode() in wp-includes\/media.php *\/\n\t\t<\/style>\n\t\t<div id='gallery-2' class='gallery galleryid-65553 gallery-columns-3 gallery-size-thumbnail'><dl class='gallery-item'>\n\t\t\t<dt class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/www.flanews.com\/still0204_00009\/'><img loading=\"lazy\" decoding=\"async\" width=\"200\" height=\"113\" src=\"https:\/\/www.flanews.com\/wp-content\/uploads\/2021\/02\/Still0204_00009-200x113.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" srcset=\"https:\/\/www.flanews.com\/wp-content\/uploads\/2021\/02\/Still0204_00009-200x113.jpg 200w, https:\/\/www.flanews.com\/wp-content\/uploads\/2021\/02\/Still0204_00009-768x432.jpg 768w, https:\/\/www.flanews.com\/wp-content\/uploads\/2021\/02\/Still0204_00009.jpg 1280w\" sizes=\"(max-width: 200px) 100vw, 200px\" \/><\/a>\n\t\t\t<\/dt><\/dl><dl class='gallery-item'>\n\t\t\t<dt class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/www.flanews.com\/still0204_00019\/'><img loading=\"lazy\" decoding=\"async\" width=\"200\" height=\"113\" src=\"https:\/\/www.flanews.com\/wp-content\/uploads\/2021\/02\/Still0204_00019-200x113.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" srcset=\"https:\/\/www.flanews.com\/wp-content\/uploads\/2021\/02\/Still0204_00019-200x113.jpg 200w, https:\/\/www.flanews.com\/wp-content\/uploads\/2021\/02\/Still0204_00019-768x432.jpg 768w, https:\/\/www.flanews.com\/wp-content\/uploads\/2021\/02\/Still0204_00019.jpg 1280w\" sizes=\"(max-width: 200px) 100vw, 200px\" \/><\/a>\n\t\t\t<\/dt><\/dl><dl class='gallery-item'>\n\t\t\t<dt class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/www.flanews.com\/still0204_00018\/'><img loading=\"lazy\" decoding=\"async\" width=\"200\" height=\"113\" src=\"https:\/\/www.flanews.com\/wp-content\/uploads\/2021\/02\/Still0204_00018-200x113.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" srcset=\"https:\/\/www.flanews.com\/wp-content\/uploads\/2021\/02\/Still0204_00018-200x113.jpg 200w, https:\/\/www.flanews.com\/wp-content\/uploads\/2021\/02\/Still0204_00018-768x432.jpg 768w, https:\/\/www.flanews.com\/wp-content\/uploads\/2021\/02\/Still0204_00018.jpg 1280w\" sizes=\"(max-width: 200px) 100vw, 200px\" \/><\/a>\n\t\t\t<\/dt><\/dl><br style=\"clear: both\" \/>\n\t\t<\/div>\n\n<p>Retirees were out in force at the bill\u2019s first committee hearing to say no.<\/p>\n<p>“Pensions allow people like me to live financially independent,\u201d said retired 4th grade teacher Linda Edson.<\/p>\n<p>They worry that blocking new members will hurt those who stay in the plan.<\/p>\n<p>\u201cTo shift and close the plan to new members will be a huge financial burden to the state, employers, and employees, and ultimately puts the long term health of the system at risk,\u201d said Yale Olenick with the Florida Education Association.<\/p>\n\n\t\t<style type=\"text\/css\">\n\t\t\t#gallery-3 {\n\t\t\t\tmargin: auto;\n\t\t\t}\n\t\t\t#gallery-3 .gallery-item {\n\t\t\t\tfloat: left;\n\t\t\t\tmargin-top: 10px;\n\t\t\t\ttext-align: center;\n\t\t\t\twidth: 33%;\n\t\t\t}\n\t\t\t#gallery-3 img {\n\t\t\t\tborder: 2px solid #cfcfcf;\n\t\t\t}\n\t\t\t#gallery-3 .gallery-caption {\n\t\t\t\tmargin-left: 0;\n\t\t\t}\n\t\t\t\/* see gallery_shortcode() in wp-includes\/media.php *\/\n\t\t<\/style>\n\t\t<div id='gallery-3' class='gallery galleryid-65553 gallery-columns-3 gallery-size-thumbnail'><dl class='gallery-item'>\n\t\t\t<dt class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/www.flanews.com\/still0204_00014\/'><img loading=\"lazy\" decoding=\"async\" width=\"200\" height=\"113\" src=\"https:\/\/www.flanews.com\/wp-content\/uploads\/2021\/02\/Still0204_00014-200x113.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" srcset=\"https:\/\/www.flanews.com\/wp-content\/uploads\/2021\/02\/Still0204_00014-200x113.jpg 200w, https:\/\/www.flanews.com\/wp-content\/uploads\/2021\/02\/Still0204_00014-768x432.jpg 768w, https:\/\/www.flanews.com\/wp-content\/uploads\/2021\/02\/Still0204_00014.jpg 1280w\" sizes=\"(max-width: 200px) 100vw, 200px\" \/><\/a>\n\t\t\t<\/dt><\/dl><dl class='gallery-item'>\n\t\t\t<dt class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/www.flanews.com\/still0204_00012\/'><img loading=\"lazy\" decoding=\"async\" width=\"200\" height=\"113\" src=\"https:\/\/www.flanews.com\/wp-content\/uploads\/2021\/02\/Still0204_00012-200x113.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" srcset=\"https:\/\/www.flanews.com\/wp-content\/uploads\/2021\/02\/Still0204_00012-200x113.jpg 200w, https:\/\/www.flanews.com\/wp-content\/uploads\/2021\/02\/Still0204_00012-768x432.jpg 768w, https:\/\/www.flanews.com\/wp-content\/uploads\/2021\/02\/Still0204_00012.jpg 1280w\" sizes=\"(max-width: 200px) 100vw, 200px\" \/><\/a>\n\t\t\t<\/dt><\/dl><dl class='gallery-item'>\n\t\t\t<dt class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/www.flanews.com\/still0204_00017\/'><img loading=\"lazy\" decoding=\"async\" width=\"200\" height=\"113\" src=\"https:\/\/www.flanews.com\/wp-content\/uploads\/2021\/02\/Still0204_00017-200x113.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" srcset=\"https:\/\/www.flanews.com\/wp-content\/uploads\/2021\/02\/Still0204_00017-200x113.jpg 200w, https:\/\/www.flanews.com\/wp-content\/uploads\/2021\/02\/Still0204_00017-768x432.jpg 768w, https:\/\/www.flanews.com\/wp-content\/uploads\/2021\/02\/Still0204_00017.jpg 1280w\" sizes=\"(max-width: 200px) 100vw, 200px\" \/><\/a>\n\t\t\t<\/dt><\/dl><br style=\"clear: both\" \/>\n\t\t<\/div>\n\n<p>Lawmakers don\u2019t have good data yet, but they\u2019ve paid $119,000 for a study due in March.<\/p>\n<p>Rodrigues said he is flexible if the study suggests other action.<\/p>\n<p>\u201cEverything will be dictated by what the actuarial studies reveal. We\u2019re going to follow the data,\u201d said Rodrigues.<\/p>\n<p>The legislation cleared the committee on a four to two vote, but one GOP member made it clear he would vote no if the bill didn\u2019t change significantly before a final vote.<\/p>\n<p>Whether the plan is changed or not, taxpayers are going to be on the hook for more money.<\/p>\n<p>If no changes are made, the state will continue putting $373 million a year into the plan.<\/p>\n<p>If the plan is closed to new hires, estimates show costs will rise by a $150 million a year, compounding for at least eight years totaling $5.4 billion.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Florida\u2019s pension plan would be no more under legislation that cleared a Senate Committee at the State Capitol Thursday morning. Some call the plan underfunded, but there are fears that ending the defined benefit plan could make it harder to hire critical workers. The state pension plan isn\u2019t just for state workers. Most teachers, sheriffs […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.flanews.com\/wp-json\/wp\/v2\/posts\/65553"}],"collection":[{"href":"https:\/\/www.flanews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.flanews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.flanews.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.flanews.com\/wp-json\/wp\/v2\/comments?post=65553"}],"version-history":[{"count":1,"href":"https:\/\/www.flanews.com\/wp-json\/wp\/v2\/posts\/65553\/revisions"}],"predecessor-version":[{"id":65554,"href":"https:\/\/www.flanews.com\/wp-json\/wp\/v2\/posts\/65553\/revisions\/65554"}],"wp:attachment":[{"href":"https:\/\/www.flanews.com\/wp-json\/wp\/v2\/media?parent=65553"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.flanews.com\/wp-json\/wp\/v2\/categories?post=65553"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.flanews.com\/wp-json\/wp\/v2\/tags?post=65553"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}