Proposals requiring Florida state workers to contribute part of their income to their pensions are raising concerns over the effect it may have on lower-income workers.
The Florida House passed a bill earlier this month which would force employees to contribute 3 percent of their income to their pensions, while the Senate proposed a tiered plan, which reduces the required contribution to 2 percent for those making less than $25,000 a year, and going up to 6 percent for those making $50,000 or more a year.
The two chambers have two weeks to come to an agreement on a plan. Governor Rick Scott wants the contribution to be 5 percent.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
