What the Bill Does
SB 84 eliminates the pension option for most employees enrolled in the Florida Retirement System July 1, 2022. While “special risk” employees such as police and firefighters will continue to have access to a pension, all other newly hired employees enrolled in the FRS plan after July 1, 2022, will be placed in the investment plan.
SB 84 has been passed by the Senate and has been sent to the House.
SB 84 Toolkit
Currently there is no companion bill in the House.
- 2/4/21 Senate Governmental Affairs and Oversight Committee 4-2 party line vote
- 3/30/21 Senate Appropriations Committee 12-8 party line vote
- 4/8/21 Full Senate 24-16 party line vote
We oppose this bill.
- Florida not only leads the nation in number of retired persons, it also leads the nation in retired persons living in poverty—it is time to end this national shame. Florida should be looking for ways to expand retirement security for more of its citizens than instead of taking away retirement security from educators and other public workers.
- Students and schools perform better when there is stability. This bill creates more instability at a time that is already full of uncertainty. There must be better ways to solve the state’s budget crisis than by undermining retirement security.
- Florida already has a shortage of teachers and staff which adversely impacts students, especially students of color and from low-income households. Eliminating retirement security will just make this issue worse.
- As the largest employer in most of Florida’s 67 counties, the financial health of the county as a whole cannot be separate from the financial health of retired school employees. Eliminating pensions therefore, not only hurts educators, it hurts small businesses and every other place retirees spend their money.
- 2/4/21 Senate Governmental Affairs and Oversight Committee begins with a presentation on FRS from state economist Amy Baker. Discussion of SB 84 starts 53:05 into the meeting.