Real Estate Blog

Public Employee Compensation

May 7th, 2010 11:56 PM by Sherry Lee

State of Florida Long-Range Financial Outlook Fiscal Year 2010-2011 through 2012-13 (Fall 2009)

http://www.flsenate.gov/data/publications/2009/Senate/reports/Long-RangeFinancialOutlook2010-2013.pdf

Page 11 - Statewide Distributions / Administered Funds
-- State employees benefits and salaries, including pay package, health insurance, and retirement will exceed $1 BILLION of general revenue over the next 3 years
-- Within this section, the largest driver in Fiscal Year 2010-22 relates to the Florida Retirement System (FRS).  Upon completion of the 2009 actuarial valuation, the fund was expected to be in an actuarial deficit as of 7/1/2009 due to declining market conditions.  To be funded on an actuarial sound basis for Fiscal Year 2010-11 and future years, it will be necessary for the statutory contribution rates to be set at "normal costs".   Total Employer costs are expected to increase by approx $372 MILLION in Fiscal Year 2010-11 - of which $209 MILLION of this amount is funded by the General  Revenue Fund.

Also - see page 10 - State of Florida began borrowing from the Federal gov't last August to cover it's unemployment insurance for which it will have to pay back with Interest.

Note that before 1975 employees had to contribute some, now they contribute nothing at all!

Monthly, paid by the  County, per employee for Health Insurance Only!

(this example is for PBC Fire & Rescue)

January 1, 2009 $984.57

January 1, 2010 $1,053.49

January 1, 2011 $1,127.23  

FRS Pension Plan (FLORIDA)

Your employer makes contributions each month to the Pension Plan trust fund based on a percent of your salary and your FRS membership class, according to the following table.

Employment Class

July 1, 2009 Rate

Regular

8.69%

Special Risk

19.76% firefighters & police

Special Risk Administrative Support

11.39%

Elected Officers:

Legislators

13.32%

Governor, Lt. Governor, Cabinet Officers

13.32%

State Attorney, Public Defenders

13.32%

Justices, Judges

18.40%

County Elected Officers

15.37%

Senior Management Service

11.96%

DROP participants

9.80%


 

Posted in:General
Posted by Sherry Lee on May 7th, 2010 11:56 PM

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