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Observations and musings on Jacksonville Politics

State Misled Employees on Pension

Can one imagine the outrage from politicians if a private company were accused of this?  From the St. Pete Times:

The people who run Florida’s giant public employee pension plan recently distributed a report reassuring hundreds of thousands of workers that their retirement fund was financially healthy and running a surplus.

The plan “was fully funded for the 11th consecutive year, with an estimated $8.7 billion surplus, a major achievement considering the fact that most state public pension funds in the United States are underfunded,” the report said.

But records show that almost three weeks before distributing the report on March 5, the people who run the pension fund knew that it faced a massive funding deficit.

Keep reading here.

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