On Wednesday, I broke a story about the details of the deal over state employee pay and pensions, writing:
Hearing that the Florida House and Senate have reached an agreement regarding state employee pay and benefits. The rumored details:
A 3% pay cut for all benefits.
DROP program basically stays the same.
?igh 5? eliminated to becomeHigh 8?.
It will take six years to become vested in the state retirement system.
The retirement age will be raised.
Well, 48 hours later, the traditional media is proving me right. From the Florida Current:
While state lawmakers have yet to reach a final deal on the state budget, they did reach an accord late Friday night on how to overhaul the state pension plan.
Public employees enrolled in the state pension plan will have to begin paying 3 percent of their salary on July 1 to cover part of their pension costs. The final deal also increases the retirement age for rank-and-file public employees as well as those enrolled in the special risk class such as firefighters and police officers.
Another key component of the deal calls for keeping the Deferred Retirement Option Program but reducing the interest earned in it down to 1.3 percent for new enrollees. Cost-of-living increases will also be suspended for five years, although this would not impact people who are already retired.
Well then. Toot, toot.