Escambia County Clerk Pam Childers jumped the gun when she sent a letter to the county demanding payments from the commissioners enrolled in the 401a plan.
- Judge William Stone made it clear in his analysis of the local retirement plan that the Florida Retirement System was hurt by the plan, not county taxpayers.
Who needs to be made whole? The county paid the same contribution regardless of the plan chosen. However, the actuarial soundness of FRS was impacted. The monies intended to fund FRS went to the participants’ retirement accounts of the commissioners and other senior managers. That needs to be remedied.
- The Florida Retirement System must review the ruling and determine how best it can be made whole and what procedures need to be followed. This is not a unilateral decision to be made Childers.
What’s next: The clerk needs to quit her theatrics and work with the county and the Florida Retirement System to shut down the 401a plan and move the funds into FRS. Also, a new supplemental plan needs to be approved for those employees 50 and older and who have 25 or more years in county government.
