Fasano, Republican Senator form New Port Richey wants to get state government out of the pension business. He has re-filed his bill that would rename the Public Employee Optional Retirement Program the "Retirement Investment Program" for public workers. The name change signals a new pension philosophy — leaving the safe, relatively low-paying assurance of a "defined benefit" pension for the market-driven, possibly more profitable "defined contribution" retirement system.
Under Fasano's 91-page bill (SB 660), all new employees would have to join the defined contribution plan after Jan. 1, 2011. All current Florida Retirement System members, whether they work for the state or one of the hundreds of school boards and local governmental units whose pension funds are invested by the State Board of Administration (SBA), would still be guaranteed their regular pension benefits.
So why does Fasano, an investments executive by trade, want everybody to put everybody in the market? Two reasons — he figures the state, counties, school boards and other public employers will be able to reduce their contribution rates, eventually, and the SBA will have some cushion on its necessary investment earnings rates.
Fasano was the sponsor of this year's law, taking effect next year, forbidding more "double dippers" to retire and go back to work for the state while drawing pensions. His new bill, he said, will phase out the Deferred Retirement Option Plan, once every employee is in the investment system.
The Senator filed the bill last session but didn't move it. He said he wanted an actuarial study of what it would mean, which will be completed before the 2010 session in March.
http://www.tallahassee.com/article/20091116/COLUMNIST03/911160305/-1/NLETTER07?source=nletter-news
Monday, November 30, 2009
Tuesday, November 24, 2009
Special Session for High Speed & Commuter Rail?
A special lawmaking session over high-speed and commuter rail inched closer Monday as legislative leaders and the governor said they were ready to tap surplus money discovered in the transportation budget rather than raise taxes on rental cars.
The surplus money -- about $76 million for the current and next budget years -- should be enough to help fill a hole in South Florida's Tri-Rail system.
Also Monday, opposition to Central Florida's SunRail project started to thaw in the Florida Senate, where the transit system could now be one vote shy of winning passage, according to a Herald/Times vote count.
Federal transportation officials have told Florida officials that the state needs to do a better job supporting Tri-Rail and SunRail to have a better chance at winning up to $2.5 billion in federal money for a high-speed rail project.
The federal government has been besieged with requests from various states for high-speed rail money. And U.S. Department of Transportation spokespeople said Florida's support for the commuter rail systems are just a "factor'' in awarding the grant, which is not "contingent'' on Tri-Rail and SunRail.
The House balked at a proposal to raise rental car surcharges by $2. Last week, state economists bailed the Legislature out of its financing problem by estimating that the state would take in more fuel tax money than had been anticipated: $19 million more this budget year and $57 million next year.
Behind the scenes, rail proponents almost have a guaranteed 20 votes in favor of SunRail in the Senate. That's up from 16 votes last spring. But it's one vote shy of securing passage in the 40-member chamber.
Many lawmakers are concerned with the longterm cost of SunRail -- up to $1.2 billion -- as well as the fact that the owner of the rail line, CSX, wanted the state to completely indemnify it in the case of an accident.
http://miamiherald.typepad.com/nakedpolitics/2009/11/sunrail-nears-2020-vote-in-senate-gas-taxes-save-rental-surcharge-.html
The surplus money -- about $76 million for the current and next budget years -- should be enough to help fill a hole in South Florida's Tri-Rail system.
Also Monday, opposition to Central Florida's SunRail project started to thaw in the Florida Senate, where the transit system could now be one vote shy of winning passage, according to a Herald/Times vote count.
Federal transportation officials have told Florida officials that the state needs to do a better job supporting Tri-Rail and SunRail to have a better chance at winning up to $2.5 billion in federal money for a high-speed rail project.
The federal government has been besieged with requests from various states for high-speed rail money. And U.S. Department of Transportation spokespeople said Florida's support for the commuter rail systems are just a "factor'' in awarding the grant, which is not "contingent'' on Tri-Rail and SunRail.
The House balked at a proposal to raise rental car surcharges by $2. Last week, state economists bailed the Legislature out of its financing problem by estimating that the state would take in more fuel tax money than had been anticipated: $19 million more this budget year and $57 million next year.
Behind the scenes, rail proponents almost have a guaranteed 20 votes in favor of SunRail in the Senate. That's up from 16 votes last spring. But it's one vote shy of securing passage in the 40-member chamber.
Many lawmakers are concerned with the longterm cost of SunRail -- up to $1.2 billion -- as well as the fact that the owner of the rail line, CSX, wanted the state to completely indemnify it in the case of an accident.
http://miamiherald.typepad.com/nakedpolitics/2009/11/sunrail-nears-2020-vote-in-senate-gas-taxes-save-rental-surcharge-.html
Monday, November 23, 2009
Existing Home Sales Rise to 2-Year High
Existing-home sales in October rose to the highest level in more than two years, according to a report released Monday, driven by the popularity of a credit for first-time home buyers. The surge far outpaced expectations and nurtured hope that the stubbornly frail housing market might be on the upswing.
Sales of existing homes were up 10.1 percent in October to an annual rate of 6.1 million, the National Association of Realtors said in a report Monday. That was a level last seen in February 2007, before the collapse of the housing sector. Analysts surveyed by Bloomberg News had predicted a 2.3 percent increase.
The group attributed the gain to the popularity of a government-financed credit of up to $8,000 for first-time home buyers.
Inventories continued to shrink, the report said, and prices, while still lower, fell by the smallest amount in more than a year. Sales of lower-cost homes fueled the gains.
Total sales were up 23.5 percent from the October 2008 rate of 4.94 million. In addition, sales for the 12-month period from October 2008 to October 2009 reached 4.4 million, up slightly from the October 2007 to October 2008 levels.
http://www.nytimes.com/2009/11/24/business/economy/24econ.html?_r=1&8au&emc=au
Sales of existing homes were up 10.1 percent in October to an annual rate of 6.1 million, the National Association of Realtors said in a report Monday. That was a level last seen in February 2007, before the collapse of the housing sector. Analysts surveyed by Bloomberg News had predicted a 2.3 percent increase.
The group attributed the gain to the popularity of a government-financed credit of up to $8,000 for first-time home buyers.
Inventories continued to shrink, the report said, and prices, while still lower, fell by the smallest amount in more than a year. Sales of lower-cost homes fueled the gains.
Total sales were up 23.5 percent from the October 2008 rate of 4.94 million. In addition, sales for the 12-month period from October 2008 to October 2009 reached 4.4 million, up slightly from the October 2007 to October 2008 levels.
http://www.nytimes.com/2009/11/24/business/economy/24econ.html?_r=1&8au&emc=au
Sunday, November 22, 2009
St. Pete Beach Abandons Local Version of Hometown Democracy
Since beginning a 3-year experiment with their own version of Hometown Democracy, St. Pete Beach residents have seen endless lawsuits, higher taxes and widespread economic turmoil. Recently, citizens of St. Pete Beach scaled back their local version of Amendment 4 so that only certain land use changes require a referendum. The voters chose to rein in their own local experiment by a decisive 60-40 margin.
"St. Pete Beach residents are tired of voting on everything, especially issues that don't even relate to development," said Ward Friszolowski, former Mayor of St. Pete Beach. "This amendment doesn't work. It has resulted in chaotic, confusing and expensive elections driven by sound bites rather than sound planning."
St. Pete Beach is proof positive that Amendment 4 is not designed to give the people a say on growth. It is designed to give anti-growth lawyers another legal avenue to stop commonsense progress, even when voters approve it. In St. Pete Beach, the taxpayers' legal bills continue to mount. Unfortunately, there is no end in sight.
Floridians for Smarter Growth leads opposition to Amendment 4. To date, more than 170 organizations throughout Florida have opposed Amendment 4. More join the fight every day.
http://www.fhba.com/index.cfm?referer=content.contentItem&ID=1998
Wade Mullins
Quality Precast Co.
wadem@qualityprecast.com
"St. Pete Beach residents are tired of voting on everything, especially issues that don't even relate to development," said Ward Friszolowski, former Mayor of St. Pete Beach. "This amendment doesn't work. It has resulted in chaotic, confusing and expensive elections driven by sound bites rather than sound planning."
St. Pete Beach is proof positive that Amendment 4 is not designed to give the people a say on growth. It is designed to give anti-growth lawyers another legal avenue to stop commonsense progress, even when voters approve it. In St. Pete Beach, the taxpayers' legal bills continue to mount. Unfortunately, there is no end in sight.
Floridians for Smarter Growth leads opposition to Amendment 4. To date, more than 170 organizations throughout Florida have opposed Amendment 4. More join the fight every day.
http://www.fhba.com/index.cfm?referer=content.contentItem&ID=1998
Wade Mullins
Quality Precast Co.
wadem@qualityprecast.com
Subscribe to:
Comments (Atom)
