Florida court ruling saves Sarasota County $6.5 million

 

Florida court ruling saves Sarasota County $6.5 million

 

Date: January 18, 2013
by: Alex Mahadevan | News Editor

 
 

 

 

The Florida Supreme Court ruled 2011 amendments to the Florida Retirement System constitutional, which means Sarasota County and the Sarasota County Sheriff’s Office won't have to pay roughly $6.5 million total compensation to employees.

State and local government employees challenged the 2011 amendments that required Florida Retirement System members to contribute 3% of their salaries to compensate for the state’s investment in the Florida Retirement System. If ruled unconstitutional, state lawmakers would have had a pay a $2 billion bill to reimburse employees.

“For us, from a budget standpoint, it’s the status quo,” said Sarasota County Director of Finance Steve Botelho.

Prior to the 2011 amendments, the Florida Retirement System was entirely funded by public employer contributions, and retired members received cost-of-living adjustment equal to 3% of the total monthly benefit, calculated annually.

To read the ruling, click here.

 

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