Florida Phases in New Pension System.

The state of Florida is in the midst of transitioning its retirement system from one that is purely government run to one that gives more responsibility to plan participants. Approximately 650,000 active teachers, bureaucrats, judges, and other public-sector workers will have the option of controlling their own pension accounts. One of the major decisions that must be made by the pension system's board of trustees is to decide on an investment policy that will set out how many firms can sell investments to state workers and what will be offered. With $103 billion in assets, Florida's Retirement System is the nation's fourth largest. It is currently run as a defined benefit plan, requiring 9 percent of an...