“Get to work” is essentially the message of the Florida Department of Management Services (DMS) to 19 local pension plans in the Sunshine State. The Florida Times Union reports that DMS on Jan. 27 told the plans, all of which are less than 50% funded, that they need to address their unfunded liabilities.
The 19 included the Jacksonville Police and Fire Pension Fund, for which the admonition is not news. Last October, a Florida appeals court upheld a lower court ruling that Jacksonville broke state law by negotiating with the fund about pension benefits behind closed doors in 2013. Despite the ruling, the fund did not agree to the pension reform plan the Jacksonville City Council approved in December. This controversy is all the more noteworthy since the fund serves public safety personnel for the largest city in Florida and all of the Southeast.
The fund has a $1.6 billion unfunded liability. DMS Secretary Chad Poppell, in his letter to the fund, said its current funding was sufficient to pay 37.3 cents of every dollar it owes to retirees and current employees. Poppell is well-acquainted with the fund, since he earlier served as Jacksonville Chief of Human Resources.
Additional Jacksonville pension funds received letters from Poppell as well, including the city’s Corrections Officers’ Pension Fund and the General Employees’ Disability Fund. Other recipients included the Alachua School Board Early Retirement Plan and the Ocala General Employees’ Retirement System.
The 19 included the Jacksonville Police and Fire Pension Fund, for which the admonition is not news. Last October, a Florida appeals court upheld a lower court ruling that Jacksonville broke state law by negotiating with the fund about pension benefits behind closed doors in 2013. Despite the ruling, the fund did not agree to the pension reform plan the Jacksonville City Council approved in December. This controversy is all the more noteworthy since the fund serves public safety personnel for the largest city in Florida and all of the Southeast.
The fund has a $1.6 billion unfunded liability. DMS Secretary Chad Poppell, in his letter to the fund, said its current funding was sufficient to pay 37.3 cents of every dollar it owes to retirees and current employees. Poppell is well-acquainted with the fund, since he earlier served as Jacksonville Chief of Human Resources.
Additional Jacksonville pension funds received letters from Poppell as well, including the city’s Corrections Officers’ Pension Fund and the General Employees’ Disability Fund. Other recipients included the Alachua School Board Early Retirement Plan and the Ocala General Employees’ Retirement System.
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