Sunday, January 16, 2011

AFL-CIO disputes 'myths' about Fla. pension funds

Florida AFL-CIO legislative and political director Rich Templin said the union is troubled by such comments although details of proposed legislation are hazy and nothing has yet been filed.

"We can't find any verifiable information to indicate that those claims are true, that those claims are anything other than political rhetoric and ideological posturing," Templin said.

He said pension benefits averaging $16,000 to $23,000 a year cannot be considered extravagant.

Scott has called the $122 billion Florida Retirement System "a ticking fiscal time bomb" because he doesn't think it can sustain its current high rate of return on investment. He's also worried about its unfunded liability.

As of last June 30, the closing date for the plan's last annual report, it had $109 billion in assets and an unfunded liability of about $15 billion, or 12 percent.

That percentage is one of the lowest of any public pension funds in the nation.

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