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ICYMI: AFP-FL Publishes ‘The costly consequences of reinstating COLA in Florida’s pension plans’ Op-Ed

Feb 5, 2024 by AFP

Americans for Prosperity-Florida State Director, Skylar Zander, recently published an op-ed highlighting the consequences of reinstating cost-of-living adjustments to the current retirement system:

“Florida’s leaders have tirelessly promoted reforms paving the way for financial stability in the Florida Retirement System and advancing the state’s pension plan. Now a legislative proposal would put this at risk by reinstating cost-of-living adjustments in the current pension system. We simply cannot afford to let the progress Florida has made over the years go to waste.

“If passed, House Bill 151 or the Florida House proposed budget would significantly impact Florida’s economy by inflicting an estimated $67 billion burden on the state budget over the next 10 years. Lawmakers should weigh the substantial risks tied to an automatic cost of living adjustment for all FRS beneficiaries, including that all taxpayers will be held responsible for funding this benefit in perpetuity, and at an ever-increasing cost. Also, the Florida legislature’s staff analysis shows this proposal will cost $2.4 billion per year.”

CLICK HERE to continue reading the entire piece at the Tallahassee Democrat.