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Florida pension reform appears dead after losing procedural vote in Senate

State Sen. Wilton Simpsons bill would have required all elected officials, except for judges, to move into a defined contribution 401(k) plan after July 1, 2015.

By Nick Thornton | Updated on May 01, 2014

Florida house speaker Will Weatherford is conceding that his fight to move state employees out of a traditional Defined Benefit pension program is in “big trouble,” according to reporting from tcpalm.com.

Pension reform has been a cornerstone of the Weatherford’s term as House Speaker. Florida’s legislative session will end this Friday. On Wednesday, a bill advanced by State Sen. Wilton Simpson, R-Trilby, lost a procedural vote by a margin of 21-15 that was necessary to move the bill to a wider up and down vote. The loss has effectively rendered pension reform dead, at least until Florida’s next legislative session, which will follow elections in November.

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Nick Thornton

Nick Thornton

Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.

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