TALLAHASSEE (CBSMiami/AP) — A House panel will begin consideration of a proposal that will change the state’s retirement system and end guaranteed pensions for new teachers and state and county employees.
The House Government Operations subcommittee on Friday will take up a bill (HB 7011) that could do away with traditional pensions for workers hired after January 2014. It would replace pensions with individual investment accounts similar to 401(k) plans.READ MORE: Parkland first responder weighs in on Uvalde massacre: ‘It’s gut wrenching’
About three-quarters of those now in the state pension plan are teachers and local government workers such as law enforcement officers and firefighters.READ MORE: Residents fed up with Biscayne Bay parties
The idea is to shift retirement investment risk from the state to its employees. The bill also would end disability benefits for new workers.MORE NEWS: 'Hidden Worlds': An immersive voyage into deepest oceans & mesmerizing mangroves through state-of-the-art technology
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