The Florida Supreme Court will decide if changes made to the state's public employee pension system violated workers' constitutional rights.

The state legislature passed changes that would save $1 billion in pension expenses, including requiring workers to contribute 3 percent of their pay and eliminating the cost-of-living adjustment for employees retiring after the law took effect, according to a story in Bloomberg.

The state was facing a $3.6 billion budget shortfall in 2011 when Republican lawmakers decided to overhaul the system.

Continue Reading for Free

Register and gain access to:

  • Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.