Fla. Sen. Proposes Revamp Of State Retirement System

Law360, Miami (March 1, 2013, 5:15 PM EST) -- A Florida state senator on Friday introduced a bill that would allow state employees to choose between a pension plan or a 401(k)-type investment retirement plan, while increasing the vesting period for state pensions.

Sen. Wilton Simpson, R-Trilby, filed S.B. 1392, which would give employees hired after Jan. 1, 2014, the choice between a pension or an investment plan. State employees who opt for the pension plan would be eligible for one after 10 years of service under the bill, an increase from the current eight-year...
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