Police, teachers, corrections officers, firemen, and other state workers read this (pension reform) [View all]

[Orlandodem]

A new report shows the Republican plan to "reform" the FRS will cost more than it does now.

I'd like to thank the morons in the public sector who are dumb enough to vote Republican. It's time to stop putting these people in office! Guess who will pay for it?????

http://miamiherald.typepad.com/nakedpolitics/2013/02/report-says-weatherfords-pension-reform-might-cost-more.html

He’s called Florida’s pension system a “ticking time bomb” that will require a costly taxpayer bailout in the future.

But Florida House Speaker Will Weatherford’s aim to reform Florida’s current $136 billion pension plan, which has 145,000 member accounts, hinges on one key question. If you reform it, how much will it cost?

Plenty, says a 50-page study that was released late Friday. The study was done by Milliman, a Vienna, VA firm that is among the world’s largest providers of actuarial services. Weatherford asked the Department of Management Services to study the financial impact of closing the pension plan to new members effective Jan. 1, 2014

The study looked at what happens when new employees working for the state, school districts, counties, cities and community colleges would be required to enroll in a 401-k plan rather than the current pension that provides guaranteed benefits. Members who are currently enrolled in the state pension plan would be allowed to remain.

But the findings seem to undercut Weatherford’s assertion that reform doesn’t threaten the benefits of those currently enrolled in the system.

Read more here: http://miamiherald.typepad.com/nakedpolitics/2013/02/report-says-weatherfords-pension-reform-might-cost-more.html#storylink=cpy