What has an estimated $22 billion unfunded taxpayer liability, pays out over $3.74 billion in 'management fees' every ten-years, and costs taxpayers more money annually than the full budgets of thirteen states?
Answer: Florida's public pension systems
PUBLIC SUNSHINE BADLY NEEDED ON FLORIDA PENSIONS
Sun-Sentinel, Fort Lauderdale, FL | March 16, 2016
It's national Sunshine Week across America. During this week, good-government groups advocate for open government and transparency in public spending.
One area that remains hidden are the Florida pensions.
Read our editorial in the South Florida Sun-Sentinel, Public Sunshine Badly Needed on Florida Pensions, click here.
Inside the 471 pension systems across Florida, there are 3,026 highly compensated public employees that out-earn every governor of the 50 states ($187,800 - 2014 base salary).
What are taxpayers guaranteeing for the pensions of the 'highly compensated?'
Read about the Florida city manager who made $510,296 in final compensation, retired on two pensions and was then rehired by the city with a two-year lobbyist contract worth another $528,000, click here.
Furthermore, Florida pension systems spend $3.75 billion every ten-years in administrative expenses and management fees.
That's a ratio vs. assets six times more expensive than Alabama. It's time to open the books and follow the money.
Recently, Ohio Treasurer Josh Mandel convinced his state pension funds to post their checkbook spending. Florida needs to follow the 'Mandel Rule.'
Together, join us in the clarion call for the transparency of both Florida pension annuities and the actual checkbook expenses of the retirement funds.
It's time to open the books and bring sunshine on Florida pensions.