After a long period as just one of three U.S. states which didn't require its public employees to contribute to their own pensions, the state Supreme Court has backed a major overhaul of its $120 billion state retirement system.
Late last week, the court ruled that Florida's sweeping changes – which call for workers to contribute 3 percent of their income to the system, as well as getting rid of cost-of-living increases for any future retirees – did not in fact violate workers' constitutional rights, Bloomberg reports.
Those controversial changes, endorsed by Republican Governor Rick Scott, are expected to save the state $1 billion and offset a significant budget shortfall – as well as saving local governments nearly $600 million. The court ruled in a 4-3 decision.
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