SB 84’s legislative analysis estimates the proposed change would save the state $8.3 million in the first year, increasing to $109.7 million annually after 30 years.
As of June 30, FRS held $164.3 billion in assets against $200.3 billion in liabilities, leaving $36 billion in unfunded liabilities, which means the FRS could cover 82 percent of its obligations if every member retired today.
Templin said an 80-percent threshold is the “gold standard” in pension viability and the FRS is “in very good shape.”
Which makes it attractive for manipulation, said AFSCME Florida Retiree Executive Board member Maxie Hicks.
Author(s): John Haughey
Publication Date: 2 April 2021
Publication Site: The Center Square