Increases to contribution rate improve the long-term viability of Florida’s defined contribution plan 

In Politics by Michael Rae

Florida Gov. Ron DeSantis recently signed Senate Bill 7024, which makes several changes to state employee retirement plans in the Florida Retirement System. The bill is a mixed bag, with some provisions adding more risks and costs to an already strained public pension system, but the more impactful change is improving the long-term viability of the state’s defined contribution plan. 

The first change in the law rolls back several cost-saving reforms that were implemented in 2011 for public safety workers, an unfortunate move considering the pension system is still on a long path to consistently being fully funded.

Alongside this potentially costly