Quote:
Originally Posted by forznoles
Nice how you decided to focus on this part of my message, and not the euthanized dog.
I would define a system that would let you retire with up to 90% last-five-years-average-pay for life, and then enter a DROP program that let's you accumulate 60 months of such and be paid out in a lump-sum upon your retirement in the last five years of your employment, with all of this on top of Social Security and any other savings one might have accumulated in their life to be "nice". If you think that's insufficient, then ask your handservants and butlers what they think.
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I focused upon your FRS statement so that others don't get as misinformed about FRS.
You are obviously ignorant of how FRS operates if you believe what you wrote. FRS is a distant cousin to public employee funds up North in that it is well funded and very modest in benefits. The average FRS retirement for state employees is 17 K (after 30 years of service). The average teacher pension is 30 K. FRS recipients (with the exception of special risk, ie state troopers) receive
48 % and not
90 % of the average of their best five years of service after they meet the 30 year minimum. Social Security is collected because the employee has paid into it for those 30 years just as in most jobs. Since 2011 FRS employees are the only citizens of the state that pay the state of Florida an Income tax. They pay 3% a year that is "suppose" to be their pension contribution but not a dime of the money gets put into FRS. It is instead placed in the general fund. DROP interest rates have been reduced since July 2011 to 1.3 % so the state actually makes money off of the participants.