What the Bill Does
SB 1310 restores cost-of living adjustments that were stripped from FRS when austerity measures were passed in 2011.
Employees who are part of the FRS pension plan, who were employed and part of the pension plan prior to July 1, 2011 and who retire or retired on or after July 1, 2011 shall receive an annual cost of living adjustment (COLA) of not less than 2%.
SB 1310 Toolkit
This applies both to those who are currently retired within the dates specified above as well as the retirement of those who are still working but earned FRS credit prior to July 1, 2011.
SB 1310 has been assigned to the Government Oversight and Accountability Committee but has not yet been placed on an agenda.
We support this bill.
- In 2011 lawmakers changed the rules for employees who had selected the pension option for their retirement benefit. This change eliminated the Cost of Living Adjustment (COLA) for any new employee hired after July 1, 2011, but it also froze the COLA rate for anyone currently working. This meant, the promise of retirement security for those already working under the Florida pension system was broken. This bill restores that promise.
- After a lifetime of serving the public, educators deserve to live in dignity when they retire. This small cost of living adjustment will help to make sure retired educators are able to afford to live independently and enjoy their retirement without having to seek out employment in their golden years.
- 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. Providing this COLA, therefore, not only helps the retirees to afford to survive it helps small businesses and every other place retirees spend their money.
- Florida not only leads the nation in number of retired persons, italso leads the nation in retired persons living in poverty—it is time to end this national shame. One way to do so is to ensure that educators who have dedicate their live to helping Florida and Florida’s students have at least a minimal cost of living adjustment.