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FRS

Florida state pension plan posts 7th year of positive gains, now worth $141B

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Florida’s state retirement system is showing a net gain over the past fiscal year, a streak of positive returns now in its seventh year. LobbyTools reports that Florida State Board of Administration released preliminary investment performance figures Tuesday for the fiscal year ending June 30. The numbers show the Florida Retirement System Pension Plan earning 0.61 percent, beating its benchmark and finishing the year with a market value of $141.42 billion. According to the report, three sectors had the highest…

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House Democrat opposition to FRS reform is like apple pie

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State House Democrats say the push to change the pension system for government workers is based on flawed and unlikely assumptions. Speaker Steve Crisafulli wants to overhaul the Florida Retirement System. The goal is to move new workers out of the traditional defined-benefits plan to a 401(K) type defined-contribution plan that would be more portable for when workers leave government jobs. Reform efforts in the past stalled in the Senate where members note that with the ability to pay 86.6…

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