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The Florida state pension plan: A short history. 2000. Republican-controlled Legislature introduces a defined contribution option to the Florida Retirement System. Option shifts retirement savings ...
The Florida Retirement System (FRS) Pension Plan, a defined benefit plan, is one of the largest public retirement plans in the US. [13] At year-end, it comprised over 80 percent of total assets under SBA management. [3] The FRS Pension Plan serves a working and retired membership base of nearly one million public employees. [14]
Pension benefits are primarily designed to favor workers who work a full career (typically at least 25 years of service), which account for approximately 24% of state-level public workers. In a study of 335 statewide retirement plans, Equable Institute found that 74.1% of pension plans in the US served this group of workers well.
This list of largest pension funds in the United States involves two main groups: government pension funds for public employees and collectively bargained pension funds, jointly managed between employer and employee representatives after the Taft-Hartley Act of 1947.
Seeing this threat to the long-term viability of Florida's retirement system, Gov. Ron DeSantis proposed that state employers raise their contributions to their employees' defined contribution plans.
State lawmakers may have made it harder for state teacher and other public employee unions to collect dues this year. But another swath of public worker unions secured consequential victories in ...
The Division of Retirement provides access to all retirement account files maintained by the division for all members of the state-administered retirement system, which includes more than one million active, retired and inactive members of the Florida Retirement System (FRS) employed at all levels of government (state, counties, district school ...
Florida's state workers set to receive third consecutive raise, or a $1,000 boost for most. ... In sum, the plan spends about $134 million for a 3% pay increase for 96,863 state employees.