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Labor groups warn against changes to Florida's pension program listen

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Tags: labor, pensions, retirement, 401k, defined benefit, Florida Retirement Security Coalition, state workers, unions

Proposed legislation in the Florida House would force new state employees hired after 2014 to use a 401k-style retirement fund instead of the current pension program. During a conference call Wednesday, critics of the measure said the change would hurt public employees. Diane Oakley, executive director for the National Institute on Retirement Security said seniors enrolled in the type of retirement program being proposed are nine times more likely to live in poverty during their final years...