Fla. Retirement Plan Overhaul Clears State House Panel

Law360, Miami (March 8, 2013, 7:38 PM EST) -- The Florida House Appropriations Committee on Friday approved a controversial plan to close the pension option of the state's primary public workers retirement program in favor of 401(k) type plans in a vote divided along party lines.

House Bill 7011, sponsored by Rep. Jason T. Brodeur, R-Sanford, would alter the Florida Retirement System, most notably by closing the pension plan, known as the defined benefit option, to all employees enrolling starting Jan. 1, 2014, and requiring them to join a defined contribution investment plan. New enrollees...
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