A Florida House committee unveiled a proposal Thursday that would shift all future state employees to a defined contribution, 401(k)-style retirement plan that would gradually spell the end of the Florida Retirement System.
Last Updated: 12:55 p.m. The Florida Supreme Court, in a much-anticipated but very divided 4-3 ruling, today sided with the Legislature, and against public employees, by upholding a 2011 law that requires all public employees to contribute 3 percent of their pay to the Florida Retirement System, a pension fund. In a majority opinion by […]
A decision in the case challenging a 2011 law that required employees to contribute 3 percent of their income to their retirement funds could cost the state around $2 billion if the Supreme Court strikes down the law.
With hundreds of millions of dollars a year hinging on their decision, Florida Supreme Court justices Friday began deliberating about whether to uphold a 2011 law that requires government workers to chip in 3 percent of their pay to the state retirement system.
The 3 percent contribution and the end of cost of living adjustments to public employees’ pensions may not be legal; if reversed, the state would see an almost $1 billion hole open up. Local governments would also be affected.
In nine Florida school districts, superintendent salaries increased by 5 percent or more in the last four years. It had gone up 3 percent in Flagler before this year’s pay cut, making it a wash.
About 10,100 people chose to enter retirement or exited the state’s deferred retirement plan ahead of new laws kicking in on July 1, an increase of more than 900 people from the same time last year.
The class-action lawsuit is filed on behalf of 556,296 public employees, including state workers, teachers and police officers. It echoes frustrations that led the Flagler County School Board to talk lawsuit last week.
Flagler County and Florida residents are falling in heaps with praise for the same public and union employees they and the lawmakers they elected just finished bashing, insulting, demeaning and robbing. The disconnect is sickening.
As the Legislature’s 2011 session veers uncertainly toward its final days, lawmakers struck deals Saturday on privatizing prisons and compromising over public employees’ pension contributions, but no deal yet on health care and education cuts.