|Published:||Mar 08, 2013 10:45 AM EST|
|Updated:||Mar 08, 2013 2:25 PM EST|
TALLAHASSEE, Fla. (AP) - A House panel has cleared a proposal to end traditional pensions for new teachers and state and county employees.
The House Appropriations committee on Friday voted 12-9 along party lines on the bill (HB 7011) that would do away with guaranteed pensions for workers hired as of January 2014. It would replace pensions with individual investment accounts similar to 401(k) plans.
The idea is to shift retirement investment risk from the state to its employees. The bill also would end disability benefits for new workers.
Those now in the Florida Retirement System can select a traditional pension or a 401(k)-style plan. About three-quarters of those now in the state pension plan are teachers and local government workers such as law enforcement officers and firefighters.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
- Early morning crash on US 41 kills pedestrian
- Man surrenders after stand-off in St. James City
- EPA safety testing closes Desoto Middle School today
- Interactive play to teach dangers of drug use
- Man accused of shooting neighbor's black Labrador
- Crash kills 3, injures 2 in central Fla.
- Bieber could get new trial date in Florida case
- Stolen puppy returned to Pensacola pet store
- FMB holds election for Town Council members
- Cape Police investigate suspicious package overnight