FINANCIAL URGENCY - SUPREME COURT DECISION

At its March 8, 2017, meeting, the Board of Trustees heard an analysis of the decision of the Florida Supreme Court in the Financial Urgency Case. The Board determined that an actuarial and payroll study is needed to analyze the potential impact of the decision, including whether the 2010 imposed pension reductions are void and of no effect.

Pending that study and further review by the Board, the current plan will continue to be observed. If future Board action results in a back-pay liability, members would be compensated based on the results as computed.

Members are strongly urged to consider the fact that entry into DROP or Retirement is a decision that cannot be changed under any circumstances.