Are Too Generous Pension Plans a 'Prescription for Disaster?'

Will pension and disability benefits turn Florida cities into the municipal equivalents of General Motors?

Mike Vogel | 3/1/2009

Best Funded Local government pensions with the 10 highest-funded ratios. A percentage over 100% means the fund has more money than it needs to meet its obligations.
Pension Fund	Funded Ratio
Bunnell fire	173%
Lauderdale-by-the-Sea fire	141
Tequesta general employee, police and fire	131
Okeechobee fire	127
Plantation volunteer fire	119
Martin County early retirement plan	119
Fort Meade fire	118
Lake Park fire	118
Fort Walton Beach general employee	117
Milton police	116
Sources: 2008 Annual Report Florida Local Government Retirement Systems, Florida Department of Management Services, Division of Retirement

Worst Funded Local government pensions with the 10 lowest-funded ratios. A 50% ratio means the fund has only half the assets it needs to meet its long-term obligations.
Pension	Funded Ratio
Palm Harbor fire control district	50%
Longboat Key fire	49
Ocean City-Wright fire	47
North Palm Beach general	42
Oviedo fire	41
Okaloosa Island fire	39
Parkland police	38
Pasco County early retirement plan	37
MacClenny police and fire	37
Monroe County early retirement plan	22
Marco Island police	22
Hillsborough County early retirement plan	19
Sources: 2008 Annual Report Florida Local Government Retirement Systems, Florida Department of Management Services, Division of Retirement

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