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Florida Retirement System

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windchime

Member
Florida

My husband has less than 3 years to his 25 year retirement plan. Newly elected Gov. Rick Scott is trying to change his pension.

My question is how can he do this when we were told the pension is locked in after 6 years of service?What is the name of your state (only U.S. law)?
 


cbg

I'm a Northern Girl
Who says he can?

Just because he tries doesn't mean he will succeed. Nor does it mean that anything will change for people already in the system even if he does succeed.

In other words, until there is an actual change and we see what it is and how it affects you, it's really pointless to be asking How? questions.
 

windchime

Member
Frs

Legislators reach pension deal, agree to a 3 percent wage cut.

It's already in the news, and told to them at work. The PBA tried to fight it, the only success they had was the 3 percent wage cut. Scott was going for 5%

Other changes are the AFC, how they average out the years of service. Florida as it stands is the highest at 5 years, meaning the lowest monthly pension. Scott is changing it to 8 years, which will reduce our monthly income approx. $600. As if that's not enough he discontinued the 3% cost of living increase till 2016 were they may or may not reinstate it.
 

TheGeekess

Keeper of the Kraken
So? Many private sector employees have not had raises in some time or had their hours/wages cut. The economy hasn't recovered yet. And even if the 'evil' rich paid everything they made in taxes the government still wouldn't have enough money to pay for all their obligations. Cuts have to be made and we will all suffer some. :cool:
 

windchime

Member
When you take a job with a lower pay rate because you have benefits at that job, and you have worked your 22 years of high risk. You expect those benefits to be there.

This is from the Florida Retirement System web site:

The FRS Pension Plan is a defined benefit plan, in which you are promised a benefit at retirement if you meet certain criteria. The amount of your future benefit is determined by a formula, based on your earnings, length of service, and membership class, and is adjusted by a 3% cost-of-living each July. Your benefit is pre-funded by contributions paid by your employer. The Florida Retirement System must ensure that sufficient funds are available when your benefits are due and bears the market risk and investment decisions.
 

commentator

Senior Member
The good people of Florida elected this governor and this legislature. Oh yeah. And I will wager that a fairly large number of state employees and teachers in Florida voted the ticket that they ran on, and hoorah-ed their "No new taxes, cut all spending except to give breaks to private sector employers. Budget, tighten the belt" platform. After all, we're good moral respectable people, and we all have to budget, right?

The trouble is, we state employees are so complacent with the idea that we have accepted being tremendously underpaid by comparison to the private sector in exchange for the expectation that eventually after many years of service we'd be able to retire with fairly good and secure benefits. We don't see ourselves as being paid our pensions by the government, as part of that demon "government spending" which is what these people are cutting and going after relentlessly. And no, a state employee can not sue the legislature for something they've passed cutting salaires or benefits. It's "the will of the people."

When you have made so much less per year than you might have in private industry that you have not been able to accumulate large sums in your retirement programs, you always sort of thought, oh well, there'll always be my state pension and then my Social Security to count on. Think again. Neither of these is sacred, both state and federal benefits can be touched, reduced, taken away at the power of the electorate.

While cbg is right and it won't happen overnight, probably won't nip you with 25 years in already too badly, the whole state retirement pension system in Florida and many other states is eroding like a sandy beach in a hurricane.

As people in the private sector have lost so many of those well paid jobs in this recession, they've looked with resentment at those who have accepted state jobs with safety instead of higher salaries. We don't have to give those useless state/federal/local employees this pension, you know? The elected officials have figured it out at many levels.

And the only people who will not suffer from the lack of state services will be the ultra rich who refused to pay the taxes in the first place and voted in the legislators who excused them. Now they're the ones who have got the money to cover their own retirements without pensions or social security, hire their own road pavers, their own security forces, concierge doctors, and send their children and grandchildren to private schools.....

My advice is that you and your husband become active in politics and begin to proclaim the news that governments can not run on air, that if no one is willing to pay taxes, then eventually the money to provide all state services will falter. Point out to people that the services your department provides are important and worth spending state dollars on, and that when you are out after so many years, the work you did was worth the retirement pension you were promised to receive for having done it.
 
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windchime

Member
Its final

Gov. Scott got his 3 %. So now it will take 2 weeks of pay from my part time job that I just got after a year of looking, to pay for this, so Gov Scott can use the extra money to pay for his corporate tax cuts. As stated by the Governor.

No matter what I do to make ends meet. Someone comes along and takes it away.
 

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