Florida firefighters to get smaller pensions, saving city $20M over time

  • Source: Palm Beach Post
  • Published: 03/11/2019 12:00 AM

Working firefighters will earn less from their pensions than their retired peers because the city will spend less on those plans. Before city commissioners unanimously approved a new pension plan on Feb. 19, retired firefighters could have gotten payments comparable to $72,000 a year. But the new plan caps pension payments at $95,000 for lifetime for firefighters who have yet to retire. That limit will increase by 1.5 percent every year starting in 2023. While most fire union members voted for the new plan, union chief Shawn Weeks said, “Unfortunately, this portion of the reform, in our opinion, will weigh in when recruiting top tier candidates in the future.” Firefighters hired since Feb. 5 must work 25 years, up from 20, before retiring. The new plan applies to all employees, including the fire chief, Glenn Joseph


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