Post by Logan on Feb 17, 2016 2:02:22 GMT -6
Florida House Republicans again have set their sights on pension reform for government employees. A proposal automatically enrolling new hires in a defined-contribution plan Tuesday cleared its final House committee on a mostly party-line vote.
The proposal by Rep. Matt Caldwell, R-Lehigh Acres, would create survivor benefits for first responders enrolled in the so-called investment/defined contribution plan offered by the Florida Retirement System – that benefit now is available only to workers in the defined-benefit plan, the traditional pension system.
HB 7107 also would allow returning workers to once again sign up for the investment plan – a 401K-like fund with a set contribution rate. And it changes the default choice for new hires who do not make a selection within eight months of starting to work from the defined benefit to the defined investment plan.
Caldwell framed it as a small fix while opponents say it is a major change that they say is bad for workers and taxpayers.
Read more: www.tallahassee.com/story/news/politics/2016/02/16/pension-reform-ready-house-vote/80471954/
The proposal by Rep. Matt Caldwell, R-Lehigh Acres, would create survivor benefits for first responders enrolled in the so-called investment/defined contribution plan offered by the Florida Retirement System – that benefit now is available only to workers in the defined-benefit plan, the traditional pension system.
HB 7107 also would allow returning workers to once again sign up for the investment plan – a 401K-like fund with a set contribution rate. And it changes the default choice for new hires who do not make a selection within eight months of starting to work from the defined benefit to the defined investment plan.
Caldwell framed it as a small fix while opponents say it is a major change that they say is bad for workers and taxpayers.
Read more: www.tallahassee.com/story/news/politics/2016/02/16/pension-reform-ready-house-vote/80471954/