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Big state pension change analyzed by actuaries

House Speaker Will Weatherford, left, and Senate President Don Gaetz want to move the Florida Retirement System away from a defined benefit plan to a solely 401(k)-style defined contribution plan. File photo by Bill Cotterell.

The Republican legislative leadership's plan to "soft freeze" the Florida Retirement System -- making new public employees join a market-based investment pool similar to the 401(k) plans popular in the private sector -- will leave public agencies with dwindling numbers of employees contributing money to pay pensions for growing ranks of retirees, an actuarial study released Friday says.

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