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Major pension change coming, legislative leaders promise

House Speaker Will Weatherford speaks at the AP editors conference Wednesday as Senate President Don Gaetz listens. They said changing the state pension system is the only way to avoid massive future tax increases on state residents. Photo by Bill Co

Legislative presiding officers told journalists Wednesday a fundamental shift in the Florida Retirement System -- making new public employees join 401(k)-style investment plans rather than the traditional "defined benefit" pension system -- is the only way to avoid obligating future lawmakers to impose massive tax increases on state residents.

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