Local Government Pensions in Trouble
February 9th, 2011 by flanewsState pensions aren’t the only retirement plans raising concerns in Florida. The Leroy Collins Institute released a report today, claiming city and county pension plans are heading toward disaster. The report shows growing health care costs are having a huge impact on retirement costs. FSU Professor Carol Weissert contributed to the study and says the economy has exposed city and county pensions as broken systems.
“The cities have these obligations at the very time when they’re having their revenues constrained so it’s a double-whammy on them,” said Weissert.
In the report called “Tough Choices’ the Collins Institutes suggest more transparency of local plans, an increase in the retirement age and defined contributions as a few ways to improve the current systems.
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