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State and Local Administration >
Scott signs new pension law

The state officially washed its hands of all financial shortfalls of city and county pension funds, under a new law signed Friday by Gov. Rick Scott.

The statute, adopted in the 2013 legislative session, also increases financial reporting requirements for the “defined benefits” retirement systems of local governments. The act states that cities, counties and special districts have 492 pension plans with benefits for about 79,000 retirees -- with an unfunded actuarial liability estimated at $10 billion.

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