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Florida High Court to Weigh $1 Billion State Pension Case
Bloomberg Sept. 7, 2012
"The Tallahassee court today will review a judge's finding that the pension-overhaul legislation, backed by Republican Governor Rick Scott as a way to help close a $3.6 billion budget gap, illegally cut state workers' collective-bargaining power.... The savings were shifted to the Florida Retirement System, which covers more than 650,000 state employees, allowing general fund money to be used in other programs. The change saved the state an estimated $1 billion for the 2011 budget year and local governments $600 million.... The fight began when almost a dozen public employees who are participants in the $120 billion pension system sued Scott and other Florida officials last year, alleging the changes amounted to an illegal cut in their pay and a violation of their union contracts."
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