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Policy Note: Pension Reform

Last update Dec. 20, 2013: House Speaker Will Weatherford's top priorities in 2013 included revamping the Florida Retirement System. He wanted to require all newly hired employees to join a "defined contribution" plan, an investment system similar to 401(k) plans in the private sector. Current employees could stay where they are. Democrats and organized labor were against the change, contending the system is not broken and needs no fixing. Weatherford (and Gov. Rick Scott) cite a $19 billion unfunded liability, costing about $500 million a year, as reason enough to make the change.

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