Florida TaxWatch report recommends Florida Retirement System switch to a Defined Contribution model

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Florida TaxWatch today released a report expanding on previous recommendations to switch the Florida Retirement System (FRS) to a Defined Contribution model.  
 
The report “Modernizing the FRS: Switching to a Defined Contribution Plan” explains that this reform will improve equity between the private and public sector, provide predictable budgeting for the Legislature, reduce unpredictable future liabilities for Florida taxpayers, and allow current FRS members to maintain their earned benefits and stay in the plan of their choice. 
“It is long past time for the Legislature to modernize the FRS,” said Dominic Calabro, President & CEO of Florida TaxWatch. “The Florida TaxWatch Government Cost Savings Task Force has recommended changing to a defined contribution system for several years now, and this Report lays out several different reasons why this change is appropriate for Florida.”
 
The report shows the development and growth of the FRS from 1970 through today, compares defined benefit to defined contribution systems, and looks at the benefits for all Floridians in switching to a defined contribution system.   

The report can be found here.

Peter Schorsch is the President of Extensive Enterprises and is the publisher of some of Florida’s most influential new media websites, including SaintPetersBlog.com, FloridaPolitics.com, ContextFlorida.com, and Sunburn, the morning read of what’s hot in Florida politics. SaintPetersBlog has for three years running been ranked by the Washington Post as the best state-based blog in Florida. In addition to his publishing efforts, Peter is a political consultant to several of the state’s largest governmental affairs and public relations firms. Peter lives in St. Petersburg with his wife, Michelle, and their daughter, Ella.