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DON’T%MAKE%FINANCIAL%PROMISES% TAXPAYERS%CAN’T%KEEP%

Florida’s(state(and(local(elected(officials(have(been(gambling(with(taxpayer(dollars.( They( continue( supporting( financially( unsustainable( programs,( like( our( current( public(pension(plan(and(Citizens(Property(Insurance,(because(they(don't(want(to( tell(us(a(truth(we(may(not(like(hearing(–(these(programs(are(financially(unsound.((( (

Require$that$all$new$state$and$local$government$employees$be$ enrolled$in$401(k)Astyle,$defined$contribution$retirement$plans.$
( Our(politicians(must(stop(making(promises(that(taxpayers(can’t(afford.(We( must( force(them(to(be(honest(with(us,(and(make(decisions(that(will(protect(us(now(and( in( the( future.( ( We( need( an( honest,( transparent( retirement( plan( that( works( for( both( hardworking( taxpayers( and( government( workers,( and( we( need( a( property( insurance( system( that( will( protect( our( homes( without( jeopardizing( our( future( financial(security.(

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KEY%TALKING%POINTS:%
• Florida’s(Retirement(System((FRS)(serves(more(than(1(million(government( employees,(making(it(the(fourth(largest(public(pension(program(in(the(country.( Source:(James(Madison(Institute( ( • The(FRS(is(88%(funded,(assuming(a(7.75%(return(on(investment.(Over(the(last(12( years,(the(fund(has(received(an(average(return(of(3.3%.(Source:(James(Madison(Institute( ( • Florida(currently(has(an(optional(defined(contribution(plan,(however(only(16%(of( employees(elect(to(be(enrolled(in(it,(versus(the(84%(in(the(pension(plan.(Source:(James( Madison(Institute( ( • Public(sector(pension(programs(guarantee(a(rate(of(return(that(is(3(to(4(times( higher(than(what(private(sector(workers(are(able(to(earn.(Source:(The(Heritage(Foundation( ( • The(State(of(Florida(currently(contributes($5.5(billion(per(year(to(the(FRS,(but( would(need(to(double(that(contribution(to($11(billion(a(year(for(the(fund(to(remain( solvent.(Source:(James(Madison(Institute(

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