More money is coming out of people’s paychecks starting July 1 thanks to changes legislators made to the Florida Retirement System.
Employees are now required to make a three percent contribution to the FRS beginning July 1. This decision has surprised a lot of people, including the Santa Rosa County Board of County Commissioners. They voted to make up this three percent difference for county employees for the last quarter of the 2011 fiscal year which ends Sept. 30. The figure amounts to $247,593 for all board departments and constitutional offices.
For more on this story, see the June 30 issue of the Navarre Press or subscribe online.