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Fla. House Set To End Traditional State Pensions

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(Source: CBS4)

(Source: CBS4)

Legislative Session Coverage

TALLAHASSEE (CBSMiami) – Legislators in the Florida House are set to pass a bill to end traditional guaranteed pensions for future state and county employees along with teachers.

Instead, the bill (HB 7011) would replace a guaranteed pension with individual investment accounts similar to 401(k) plans that would be subject to the ups and downs of the economy and the stock market.

The bill would grandfather current employees into the existing pension plan.

Labor unions and Democrats oppose the bill, but the Republican super majority, along with business groups, strongly support the measure and easily have the votes to pass the bill.

House Speaker Will Weatherford said the money that would have gone into the old pension plan would be better spent for health care and education.

(TM and © Copyright 2013 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2013 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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