Florida's public employee pension fund plummets

We will be hearing about many more pension funds having problems. My big fear is that soon retirees will be receiving letters from their pensions telling them that their benefits are being cut. Scary stuff for our seniors.-Lou

Florida's public employee pension fund plummets

Florida's giant public employee pension fund needs a bailout.
Hit by the stock market crash and losses in risky investments, the pension plan faces a big funding gap, according to a study presented Thursday.

That means that the Legislature likely will have to ask financially strapped state and local governments to pony up additional cash to meet their pension promises.

Almost 1 million public employees and retirees — from teachers and firefighters to social workers and police officers — participate in Florida's plan.

Because of the funding hole, their employers could see their pension costs roughly double from 10 to 20 percent of their payrolls in six years, according to the study.

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http://www.tampabay.com/news/politics/article983603.ece