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 490 local pension systems, more than 84 percent are NOT fully funded. Florida’s total unfunded liability is equal to more than $11.2 billion.
- State Pension Systems
Last year, instead of funding teachers and Florida’s Department of Economic Opportunity, taxpayers paid over $1 billion to pay down the pension systems unfunded liability
The Fight for Free Enterprise Continues
The Florida Chamber will continue to champion common sense reforms that modernize public pension programs and stop $6 billion taxpayer bailouts 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.
High Probability Pension Reform Policy Will Be Filed In Coming Weeks
The Florida Chamber has had several productive meetings with members of both the House and the Senate on the topic of pension reform. Last year, the Florida Chamber advocated for a small but important policy change: switching the default for public employee’s from the underfunded pension system to the market-based investment plan. That measure did not pass, but there is a high probability that this policy, and perhaps others, will be filed in the coming weeks.