Scott wants all new employees put into a defined contribution, or 401k-style private plan, and pay 5 percent of their salaries into their retirement account. The House and Senate have rejected putting all employees into the defined contribution plan, with only the Senate requiring new employees who are either elected officials or senior management making more than $75,000 a year to be required to enroll in the defined contribution plan. #

As the Times notes, the privately managed 401(k) plans Scott and Floridians for Sustainable Pensions want to move employees into would leave the state and municipalities off the hook if workers’ investments go sour, and would give investment managers “access to a vast new pool of money and profits.” #

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