By: Christopher Emmanuel
Modernizing Florida’s Pension Systems
The burdensome cost of having unfunded liabilities in our state continues to provide a barrier toward supporting teachers, attracting targeted industries, building roads and reducing taxes. Florida must adapt and change or suffer the consequences to our state’s rebounding economy.
Florida’s Competitiveness Agenda
- Municipal Pension Systems
In fact, there are 18 local pension systems in Florida with an unfunded liability of more than $100 million.
- State Pension Systems
Florida’s state pension system is 85.4 percent funded, one of the best funded programs in the nation. But consider this: an 85.4 percent funded pension plan actually means more than $25.5 billion in unfunded liabilities. That leaves Florida families on the hook for $500 million each year for 43 years!
The Fight for Free Enterprise Continues
Creating fiscally stable governments through modern and sustainable retirement programs will help avoid bankruptcies like we’re seeing across the nation. Florida taxpayers spend more than $700 million annually on paying down pension debt to an unfunded defined benefit system. It’s time to stop bailing out an unfunded system. The Florida Chamber will continue to champion common sense reforms that modernize public pension programs and stop the taxpayer bailout of pensions, helping our state become more fiscally responsible.
If you believe in creating fiscally stable state and local governments as we do, contact Christopher Emmanuel today.