The latest opposition to the Republican-led Legislature’s pension reform efforts is the Florida Fraternal Order of Police. First responders would be exempt under any changes lawmakers’ hope to make to the Florida Retirement System, but the group’s President James Preston says he and his fellow officers are still opposed.
“If you take a block of people out of that system, there’s no fresh money coming in and eventually it will collapse. We don’t want to risk our officers’ retirement security and their futures, yet we stand with all the Florida Retirement System workers in opposition to this bill, not only because all of our public servants deserve to retire with dignity, but also because the closure of FRS hurts all of us," said Preston.
The House does not yet have a proposal, but the Senate has two proposals already advancing. It includes a proposal that eliminates the traditional pension plan for new employees hired after July of next year. They’d be steered into either the 401K-style investment plan or a “new cash balance” option, a hybrid of both investment and traditional pension plan. Current employees won’t be affected.
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