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Fla. Speaker Invokes Detroit To Ask For Further Pension Reform

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(Source: WillWeatherford.com)

(Source: WillWeatherford.com)

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Legislative Session Coverage

TALLAHASSEE (CBSMiami) – Florida Speaker of the House Will Weatherford, along with other legislators, want to continue to change the state’s pension program. Speaker Weatherford on Tuesday went as far as asking voters to support the change to help Florida avoid bankruptcy.

“Make sure Florida doesn’t go bankrupt like Detroit – ReTweet if you support Pension Reform,” Weatherford tweeted, along with a link to an editorial supporting pension reform.

Detroit is currently going through an unprecedented municipal bankruptcy after decades of corruption and mismanagement. The city is looking to cancel much of the pensions owed to city workers as part of the bankruptcy proceedings, while paying off other creditors.

Florida’s current fiscal situation with its pension plan is on the exact opposite path.

According to the State Board of Administration, the Florida Retirement System pension plan grew by 13 percent in the last fiscal year, ending up with a fiscal value of more than $132 billion at the end of June. That marked a growth of nearly $10 billion from the previous fiscal year.

The FRS is the state’s main retirement account for state workers, teachers, and other public employees.

In addition, state officials reported that the number of state workers choosing to enroll in the state investment plan, similar to a private employers 401(k) plan, continued to grow in the last year.

Weatherford has not spoken on social media since the numbers from the State Board of Administration were released Wednesday morning.

(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 This material may not be published, broadcast, rewritten, or redistributed.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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