Tag: John Haughey

Opponents vow to intensify campaign against proposed Florida pension revamp

Mary Pat Campbell

Link: https://www.thecentersquare.com/florida/opponents-vow-to-intensify-campaign-against-proposed-florida-pension-revamp/article_a37e3158-93d8-11eb-a8d7-7771f4ad8a68.html

Excerpt:

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

Florida pension revamp would push public workers into 401(k)-type investment plan

Mary Pat Campbell

Link: https://www.thecentersquare.com/florida/florida-pension-revamp-would-push-public-workers-into-401-k–type-investment-plan/article_e9cfb564-7b87-11eb-a9b5-cfb50af7e2ac.html

Excerpt:

Senate Bill 84, filed by Sen. Ray Rodrigues, R-Estero, would require new public employees enroll in a 401(k)-type investment plan rather than in the Florida Retirement System (FRS), the nation’s fourth-largest public pension plan that serves about 5.1 million Floridians, including 4.425 million retirees.

According to SB 84’s legislative analysis, the 51-year-old FRS carries $36 billion in “unfunded liabilities,” the gap between assets and obligations, an exposure critics insist put the state at risk.

The bill offers an “investment plan” as an option to more than 644,000 active employees, 432,258 annuity recipients, 15,512 disabled retirees and 33,593 enrolled in the Deferred Retirement Option Program (DROP).

Author(s): John Haughey

Publication Date: 2 March 2021

Publication Site: The Center Square