Florida Retirement System Pension Plan Changes

Today I read the Florida Retirement System Pension Plan Changes as of June 30, 2011. It’s a depressing document especially when you consider that the money they’re taking out of FRS employee paychecks isn’t even going into the retirement fund. The fund had its best year in 20 years in 2011 and doesn’t need it. Instead, the money is going into the general fund. Thank you Governor Rick Scott. Not.Effectively then, the 3% payroll deduction in place since July 1, 2011 is a tax on Florida public employees. They are not able to opt of it and, without pay raises, workers are worse off this year than last year. It won’t get any better either. (A few cities did give their employees 3% raises to obliterate the employment penalty.)

via Florida Retirement System Pension Plan Changes.

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