Florida Looks To Downsize State Pension

TALLAHASSEE, Fla. (AP) _ Public employees will get steered away from Florida’s pension plan under a bill approved by the Florida House.

The House voted 72-38 for a measure that would automatically place newly hired public employees in an investment 401(k) plan if the employees failed to make a choice within eight months of starting their jobs.

The legislation would apply to all new employees hired in July 2017 or after.

For several years, House Republicans have tried to make changes to the Florida Retirement System, but the legislation has floundered in the Senate.

It’s not clear if the Senate will go along with the House bill (HB 7107).