Collins Institute Calls Florida Public Pensions a 'Ticking Time Bomb'

Gov. Rick Scott's plan to reform Florida's pension program got a boost from the LeRoy Collins Institute Wednesday in a report descriptively titled, "Trouble Ahead: Florida Local Governments and Retirement Obligations."

Reporting that local government employee retirement obligations are "a bigger, more complex ticking time bomb than previously recognized," the Collins study found that public pension costs are climbing quickly.

At the county level alone, publicly funded pension contributions averaged more than $21 million, up $12 million from just six years ago.

Scott wants to bring the defined benefit program into the real world by requiring public employees to contribute to their retirement. Florida is the only remaining state in the country that sticks 100 percent of pension costs on taxpayers.

LCI director Carol Weissert recommends gradually raising to "approximately 60" the minimum retirement age before a public worker can qualify for benefits.

She also said localities should not include overtime or additional earnings/bonus pay in the base salary used to calculate pension benefits.

Link to the full report here.

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