State/National News

Governor Scott Signs Contribution Reduction to ORP

Form the Tampa Bay Times

Among the bills Scott signed Friday was HB 5005, a bill that reduces contributions to the retirement accounts of more than 100,000 state workers who are enrolled in 401(k)-like investment plans as an alternative to the state pension fund.

Most employees affected by the reduced contributions work in law enforcement or higher education. They will now have less money in their retirement nest eggs.

In signing the bill, Scott said: “This legislation takes a positive step toward addressing the overall costs of the Florida Retirement System, making the overall retirement benefits more affordable for Florida’s taxpayers.”

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