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Florida’s pension plan could disappear under a proposed measure being considered during the 2021 session. Lawmakers are looking to close the ‘Defined Benefit’ option of the Florida Retirement System (FRS) to all new hires beginning July 2022. The FRS is currently funded at 82%, which means the program would only pay out 82 cents on each benefit dollar it owes to its retirees. The FRS remains one of the top performers in the nation.
This isn’t the first attempt to modify portions of the FRS. You’ll hear in the discussion grave concerns the change could have a devastating impact on the state economy and all Floridians. Some educators looking to retiree are asking why state leaders choose this time to force the change. The response from current retirees: The legislature is taking advantage of the pandemic to destroy the lives of hard working Floridians who rely on their retirement for survival.
Patrick Strong, Okaloosa Education Staff Professionals President; EBD paraprofessional currently planning for retirement
Janice Poirier, FEA-Retired President; Retired teacher, who retired following 33 years
Ron Pollard, Orange Education Support Professionals, President; Custodian; retiree who returned to work
Yale Olenick, FEA Legislative Specialist
- Actuarial analysis of Senate Concepts (PDF)
- Florida’s public pension plan works just fine. But lawmakers need to fully fund it. (Miami Herald, Op-Ed)
- SB 84 info on feaweb.org
- Top 100 Largest State Pension Plans (Florida ranks 18 out of 100)
- State Fiscal Stability Rankings (Florida ranks 8th)