Our professional staff has reviewed the latest actuarial study from Milliman and derived from it the projected annual savings of the House Pension Reform bill (HB 7011). Please note, out year estimates cannot account for intervening variables and variations in assumptions, such as a change in investment strategy and earnings. Such variables and assumptions variations will affect the reliability of the estimates. Summary of the cost/savings analysis include:
* An estimated $9.8 billion in savings to taxpayers in 2042-43.
* An estimated $2.1 billion in savings to taxpayers in 2023-24.
* No cost in the first fiscal year of the implementation and a modest $2.7 million cost in FY 2014-15
* First savings realized in 2015-16 ($12.9 million).
* Reduction in taxpayer risk as taxpayer savings increases.
If you have any additional questions or need clarification about anything in this table, please let me know.
Ryan P. Duffy
House Speaker Will Weatherford
Florida House of Representatives