Benefits April 23, 2012
Fla. Governor Signs Measure to Reduce 401(k) Contributions
April 23, 2012 (PLANSPONSOR.com) – Florida Governor Rick Scott signed a measure to reduce contributions to public employees’ 401(k)-style accounts.
Reported by Tara Cantore
The bill will reduce state contributions to retirement accounts in its defined contribution (DC) plan. It will also lower contribution rates for optional retirement programs at colleges and universities, reports The Current.
This will save the state and local governments an estimated total of more than $175 million in the upcoming year, according to the news report. The measure will bring the investment plan’s costs to state and local governments more in line with those of the defined benefit (DB) plan.
You Might Also Like:
PLANSPONSOR Roadmap: SECURE 2.0 GPS
Experts review the road map for current and upcoming dates of the retirement legislation.
Retirement Contribution Limits, COLA Stay on Track With Continuing Resolution
The DC contribution limit was projected to be $23,000 for 2024, and the IRS should stay on track in implementing...
DC Plan Sponsors Should Pay Attention to Increased Litigation, Low Retirement Confidence
The first quarter of 2023 in the defined contribution market saw an uptick in lawsuits, many legislative and regulatory changes...