Amid fierce opposition from Democrats, the Florida Senate on Thursday approved a proposal that would block future teachers and other government workers from enrolling in the state’s traditional pension plan.
The Senate voted 24-16 to back the change, which would take effect with employees hired as of July 1, 2022. Those workers would be required to enroll in a 401(k)-style plan — though what are known as “special risk” employees, such as law-enforcement officers, correctional officers and firefighters, would still be able to take part in the traditional pension system.
Lawmakers have debated such a move for years, as private employers have largely moved away from traditional pensions and shifted to 401(k) retirement plans. Currently, government employees can decide whether to enroll in the state pension plan or a 401(k)-style plan.
Author(s): JIM SAUNDERS NEWS SERVICE OF FLORIDA
Publication Date: 8 April 2021
Publication Site: Miami Herald