Fla. Sen. Floats New Retirement Plan For State Workers

Law360, Miami (February 13, 2014, 6:14 PM EST) -- Aiming to ease concerns over possible future shortfalls in Florida's public worker pension system, a state senator has proposed a new plan option in which workers retain guaranteed benefits while sharing some investment returns to shift risk away from taxpayers.

The Senate Community Affairs Committee on Wednesday unveiled Senate Proposed Bill 7046, written by Sen. Wilton Simpson, R-Trilby, which would shift most state employees hired after July 1, 2015, from the Florida Retirement System pension plan to a defined-benefit cash balance plan.

“Right now, the State...
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