In a 5-4 vote, a Senate committee agreed Tuesday to pursue its chairman's plan for overhauling the Florida Retirement System by making new employees join a "cash-balance" pension plan.
The Senate Community Affairs Committee also agreed to introduce Sen. Wilton Simpson's bill allowing the state to match up to 2 percent of earnings that employees stash in defined-compensation accounts. Those earning more than $60,000 a year would have their contribution capped at $1,200 -- the same 2 percent lower-paid workers accrue -- which Simpson said would encourage employees to save for retirement.
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