Florida is gambling away a secure retirement for teachers
Demand the legislature fix its $15 billion teacher pension mistake
Recent reforms to the Florida Retirement System ignored root causes of underfunding — nearly doubling the shortfall for teacher pensions in only eight years.
What is funded status and why does it matter to Florida teachers?
A funding shortfall of $15 billion threatens secure retirement for tens of thousands of educators.
So what’s wrong with teacher retirement in Florida?
Fixes leave teachers footing the bill
Other states are coming back from retirement deficits by better funding their pensions and adjusting market expectations (called the assumed rate of return) for their pensions. While Florida has made changes, the burden of the reform efforts have fallen largely on the backs of workers and have done very little to stop the growing shortfall. The state should respect its workers and do more to help secure their retirements.
Today teachers receive stagnant pay and get a fraction of what they need for their Investment Plans while a huge shortfall must be overcome to fully fund their pensions. The Florida legislature has a big responsibility — and opportunity — to honor the promises made to educators.
Contact your legislators
Tell them Florida should stop gambling with teacher retirement and fully fund FRS.
Let others know about the teacher retirement mistakes so they can demand action too.
Join the effort to create real retirement plan sustainability.
1The Florida Retirement System’s overall pension funding shortfall is around $30 billion as of the end of 2019. K-12 employers are 49.2% of FRS, so the $14.7 billion figure is an estimation of the educator portion of the overall FRS pension funding shortfall.
2Money.CNN.com, “Ultimate Guide to Retirement: How Much Should I Save?”