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House speaker calculates pension savings in billions

House Speaker Will Weatherford wants to close the traditional Florida pension system to new employees, making them enroll in the now-optional 401(k)-style investment plan. Photo by Bill Cotterell.

House Speaker Will Weatherford's plan to close the traditional Florida pension system to new employees, making them enroll in the now-optional 401(k)-style investment plan, would start slowly but soon start saving billions of dollars per year, according to projections released Wednesday by his office.

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