Florida legislature pushes for 401(K)’s
Check out this show – “United States of ALEC,” a PBS report on the most influential corporate-funded political force most of America has never heard of — ALEC, the American Legislative Exchange Council. A national consortium of state politicians and powerful corporations, ALEC presents itself as a “nonpartisan public-private partnership.” But behind that mantra lies a vast network of corporate lobbying and political action aimed to increase corporate profits at public expense. That includes attacks on collective bargaining and aggressive efforts to privatize the law enforcement profession. The group realized that they could ram their “kill the middle class” agenda through much easier if they took control of state and local government legislative process. “Smart people put their money on the states.” Ronald Reagan was a cheerleader for ALEC.
A pension overhaul (we like to call it pension theft) bill passed the Florida House last week. The legislation, if it passes, will close the Florida Retirement System to elected officials and senior management employees.But the House did vote along party lines for a package that includes less controversial revisions in the administration of police and firefighter pensions for local governments.
House Speaker Will Weatherford, a Republican, tried last year to require all newly hired employees to take the currently optional investment plan, similar to an 401(k) retirement plan in the private sector. Sen. Wilton Simpson, R-Trilby, countered with a bill requiring Senior Management and elected officials to take the investment option, while leaving the FRS open to employees who want it — but with a financial incentive for going into the investment plan.
The House voted for a package that includes less controversial revisions in the administration of police and firefighter pensions for local governments.
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