advertisement

SSN on Facebook SSN on Twitter SSN on YouTube RSS Feed

 

Politics

Nearly One-Third of Florida's Biggest City Pensions are Failing

November 12, 2011 - 6:00pm

While Floridas pension plan funding is considered one of the healthiest in the nation, nearly a third of the 208 municipal programs in the state hold poor to failing marks, according to the Leroy Collins Institute at Florida State University.

The institute released a report last week that shows the majority of the municipal pension plans in the states 100 largest cities are at least 70 percent funded, earning a grade of C or better on a 10-point scale, with 14 percent getting A marks.

Economists consider a funding level higher than 80 percent to be sound.

Although the topic of government pension plans can be relatively complex, its important that Floridians are made aware of the contractual obligations their tax dollars are on the hook for, Carol Weissert, Florida State University political science professor and LCI director, stated in a release.

The following cities have serious work to do on their overall fiscal plans for one or more of their pension programs that scored an F grade, according to the institute's study: Boynton Beach, Cooper City, Fort Myers, Hollywood, Homestead, Jacksonville, Miramar, Oakland Park, Ocala, Oviedo, Palm Beach Gardens, Panama City, Parkland, Plant City, Port Orange, Tamarac, Temple Terrace, Venice and Winter Haven.

Many cities have more than one plan, separating general employees from law enforcement or fire-rescue.The highest rated was Melbourne's general employee plan with 190.1 percent funding, while Cooper City's general employee and police pension fund sat at the bottom with 35.48 percent funding.

Pension funds that exceeded the 100 mark -- Tallahassees general, Clearwaters firefighters, Gainesvilles general, Key Wests general, Palm Coasts firefighters, Plantations firefighters and Rockledges general and police funds -- have more than enough money in the bank to cover projected payouts to former and current employees.

To read the report card go here.

How is your citys pension plan doing?

For a city-by-city breakdown go here.

Reach Jim Turner at jturner@sunshinestatenews.com or at (850) 727-0859 or (772) 215-9889.

Comments are now closed.

politics
advertisement
advertisement
Live streaming of WBOB Talk Radio, a Sunshine State News Radio Partner.

advertisement