Scott signs retirement bill
A measure reducing state contributions to the retirement accounts of public employees in the investment plan offered to state workers was signed into law late Friday by Gov. Rick Scott.
State workers in the “defined contribution plan” will see a drop, though it will differ depending on what type of work they do. Special risk employees, like police officers, will see the state’s share drop from 18.3 percent of salary to 12.3 percent under the bill (HB 5005).
The measure also affects the State University System Optional Retirement Plan, the Community College Optional Retirement Plan and the Senior Management Optional Annuity Plan.
“This legislation takes a positive step toward addressing the overall costs of the Florida Retirement System — making the overall retirement benefits more affordable for Florida’s taxpayers,” Scott said in a transmittal letter accompanying is signature.
A number of law enforcement officers had urged Scott to veto the bill. The bill passed both legislative chambers easily earlier this year.