Senate pension overhaul hits early bumpsby John Kennedy | February 18th, 2014
The latest attempt Tuesday by Republican lawmakers to revamp the pension plan used by 623,000 Florida public employees got off to a shaky start.
The Senate Community Affairs Committee argued at length over the proposed overhaul by Chairman Wilton Simpson, R-Trilby, which relies on introducing a new cash-balance fund for new hires.
When put to a vote, the measure barely squeaked through Simpson’s own committee, 5-4.
With even a top Senate Republican, Jack Latvala, R-Clearwater, voting against it, the odds suddenly seemed to turn against any change happening to the Florida Retirement System this election year.
Simpson acknowledged the legislation (SPB 7046) faced a steep climb ahead in the Senate and House, which is expected soon to unveil its own proposal.
“I think it suggests that this will be a very well-debated bill,” Simpson said. “I’ve got more convincing to do.”