Rob Bradley on Local Pensions: 'Ticking Timebombs'

State Sen. Rob Bradley, R-Fleming Island, is co-sponsoring Sen. Jeremy Rings, D-Margate, bill reforming local government pensions.

There are four hundred, ninety two police and fire pension plans in the state of Florida. Sixty-one percent of these plans are underfunded, Bradley said on Wednesday. When you combine the poor funding ratios with an increasing population of retirees, you have a ticking time bomb on your hands.

Rings bill would ensure local governments with long-term funded ratios below 80 percent use 50 percent of tax revenues to fill the gaps.