Gov. Charlie Crist Veto Comes Back to Haunt Florida Pension System

In 2008 Florida's pension system, fourth largest in the country, was 100 percent funded. In fact Florida was one of only four states in such an enviable position.

No longer.

A consulting actuary for Milliman, Inc., told the Florida Retirement System Actuarial Assumption Estimating Conference Monday that the state is good for only 87.9 percent of the money it promised its retirees -- that's a worsened number, down from 89.3 percent last year.

A bill that would have increased pension fund contributions to make up the unfunded liabilities passed both houses of the Florida Legislature in May. It would have gone into effect in 2012. But Gov. Charlie Crist vetoed it.

With a new governor in place, watch for the Legislature to jump all over this issue again next session.