EMS Professionals Fight Drastic Cuts to Florida’s Public Employee Retirement System
IAEP members in Florida are currently facing major cuts to their retirement benefits from state Senate Bill 1902 which is up for review by the Florida State Senate Community Affairs Committee in the coming weeks.
This bill is designed to drastically change the current retirement system for all of the state’s public employees. The IAEP is also concerned that should these changes go into effect, the overall quality of new employees will drop due to the clear reduction in retirement benefits.
Here are a few examples of how Senate Bill 1902 could affect Florida’s public employees:
* Retirement compensation will be computed based on the average salary over ALL years of service. The average of the “highest five years” rule will be repealed. There is no “grandfather” clause, so this will apply to existing employees participating in the Florida Retirement System (FRS) who continue to work after July 1, 2010.
* Reduction in annual multiplier from 3% to 2.7% for special risk class (EMS professionals, police officers, firefighters, etc). There is no “grandfather” clause, which means this would apply to existing employees participating in the FRS system who continue to work in qualified positions beyond the effective dates.
* Average full compensation would no longer include accumulated annual leave paid out of the end of employment. Accumulated sick leave paid out at the end employment will also not be counted in calculating FRS compensation benefits.
* Maximum benefit reduced to 80% of average final compensation. Existing 90% cap would remain for FRS participating employees who vested (at least 6 years of qualified FRS service) before July 1, 2010.
“These changes will affect public employees at all stages of their career and even those who have retired already,” said IAEP Co-Director Bryan Hamrick “The cuts are aimed at our members and fellow public safety employees that are placing their lives on the line to ensure that our communities are safe and receiving the life saving services they deserve. Simply put, these changes must be stopped!”
The IAEP is asking for your help in fighting this attempt to drastically reduce the retirement benefits of these men and women. A list of email addresses for the Senators who will review this bill can be found here well as a form email that can be copied and pasted into the body of your email to these politicians.