Florida legislature attempts to overhaul its Retirement System

Heading in the right direction under Rick Scott--A new bill (SB 1114) on pension plans was just submitted on 2-19-14 by the Community Affairs Committee. It would apply to all new workers entering Florida's Retirement System after July 1, 2015 with the exception of special-risk employees. That includes law enforcement and firefighters who take the biggest part of the pie as it is and a group whose pensions are out of sight. Employees would choose between a 401(k) type plan or a cash balance plan.

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B 1114: Florida Retirement System

GENERAL BILL by Community Affairs

Florida Retirement System; Requiring the Trustees of the State Board of Administration to establish the Florida Retirement System Cash Balance Plan; requiring employees and employers to make contributions for funding the plan; providing that the plan provide a lump-sum or annuity benefit; providing procedures for employees who are members of the pension plan or investment plan before a certain date to transfer to the cash balance plan; providing procedures for employees employed after a certain date to be enrolled in the investment plan or cash balance plan, etc.

Effective Date: 7/1/2015
Last Action: 2/19/2014 Senate - Filed
Location: Filed
Bill Text: Web Page | PDF