Florida Latin Connection

A Senate committee proposed a modified bill Thursday that focuses on shoring up the Florida Retirement System and less on using the savings to close the state budget gap.

Leaders of the Senate Governmental Oversight and Accountability Committee pushed a compromise that would require most state workers to contribute up to 2 percent of their salaries to their retirement funds, while elected officials, senior management and anyone making more than $75,000 would pay four percent of their salary into the retirement system.

The measure by Sen. Jack Latvala, a St. Petersburg Republican, also removes a requirement that new employees in the Florida Retirement System enroll in 401(k) plans and activates employee contributions only to pay for any unfunded liability in the retirement fund. The committee will vote on the proposal during the first week of the legislative session in March. … Read more

St.PetersburgTimes/ Klas/ 02/25/2011

Florida Latin Connection/ Arnoldo Varona, Editor

* Senate moves to soften its second pension bill; cap worker contributions..

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