Includes “… The legislation modernizes the Florida Retirement System (FRS) by closing the pension plan (defined benefit) to new enrollees … ‘We have seen examples in other states of how quickly conditions can change and a government can experience financial crisis under the weight of its future retirement obligations. Waiting until conditions worsen in Florida to fix these problems is like closing the barn door after the horses are out,’ said Senate President Wilton Simpson …”
Read the full article on: The Florida Senate