FRS Petition system up 14 percent

Lawmakers increase again FRS contributions, Citrus Schools increased another $370K

It was recently reported that Florida’s Retirement System is up 14.24 percent for the fiscal year. (see full story: http://www.chronicleonline.com/content/officials-expect-state-pension-fund-increase-fiscal-year)

I am pleased that FRS is healthy, but let us not forget that this was done on the backs of public education funding.

In 2011 the state of Florida changed in midstream retirement benefits for employees in FRS by then beginning having these employees contribute to the retirement plan. Common and expected in the private sector, where wages/salaries, pay scales and benefits are driven by profits and losses.  This is not the case for those that chose noble professions in the public servant sector. Teachers, law enforcement officers, first responders, state and county workers in order to service where willing accept these lesser pay scale positions knowing that some of the offset of the retirement benefits.  The public was told that FRS was in such bad financial shape that employees now had to contribute in order to keep FRS solvent.

Instead the state did not really add more to the coffers of FRS. They instead defunded areas like public education and then played a shell game with the funds and used the employee retirement contributes to supplant and fund back some of the losses.

Another better approach could have been to phase in a new contribution for new hires.  This would have permitted those new employees to weight the pros and cons of public service over the private sector.

Now again this year district FRS contributes have been increased to further pad FRS.  Citrus County’s FRS required contribution was increased by another $370,000.  This means less to our students and schools so that the state can claim they saved taxpayers money. It is a shell game and is in the end costing taxpayers more.

Was FRS ever in the poor shape some claimed and said was necessary to make this change?  Or was this further justification to reduce the value of those in these noble professions?

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