Major costs and risks associated with restoring the Florida Retirement System’s cost-of-living adjustment

In Politics by Michael Rae

Facing overwhelming growth in annual pension costs in 2011, the Florida state legislature elected to suspend the Florida Retirement System’s cost-of-living adjustment (COLA) for state workers who retire after that date.

This cost-saving measure was a major part of the state’s strategy to manage exploding public pension costs and try to get FRS back on track toward full funding. Since then, Florida has made some progress but is still on a long path to achieving this goal.

Now, a new proposal, Florida House Bill 151, seeks to reinstate the costly COLA feature, which could again expose the state and taxpayers

Read more at Reason.org