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DEFINED CONTRIBUTION

Florida Legislature votes to change default for new state employees to DC plan

Florida's Senate and House of Representatives voted for a bill changing the default participant option to the Florida State Retirement System Investment Plan for state employees hired on or after Jan. 1, 2018.

The Senate on Monday voted 24-13 and the House voted 72-37 for the bill. Currently, if new participants do not make a choice, by default they are entered into FRS' $148.5 billion defined benefit plan. The change excludes “special risk class” participants such as police officers and firefighters.

The investment plan is the retirement system's $9.7 billion defined contribution plan.

A spokesman in Gov. Rick Scott's office could not immediately provide any information on Mr. Scott's plans for the bill.