Saturday, February 12, 2011

Study finds promised pensions in Fla. too costly

Florida's cities and counties have promised pensions they can't afford, according to researchers at Florida State University.

Pension obligations made up about 8 percent of total spending by local governments in 2009, according to a report released Wednesday by the nonprofit, nonpartisan LeRoy Collins Institute at Florida State.

The researchers examined the retirement costs of large cities and found that all were underfunded. Orlando's and Fort Lauderdale's pension shortfalls each totaled 30 percent, according to the report.

Health care benefits promised to retirees also were underfunded, researchers said.

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