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Senate budget panel approves FRS changes

The Senate Appropriations Committee revised the Florida Retirement System on Thursday in ways that likely will prompt intense House-Senate negotiations in the closing weeks of the legislative session.

The budget panel voted 14-5 for the bill by Sen. Wilton Simpson, R-Trilby, that would give newly hired rank-and-file employees financial incentives to join the 401(k)-style investment plan, but would still allow them to sign up for the regular "defined benefit" monthly pension system. Senior management and elected officials would have to take the investment plan.

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