Pension TREND. Sunshine State City Pension Deal with Police.

Jacksonville, Florida and its law enforcement officers are reaching a deal to solve its pension $2.7 billion liability crisis. 

Here’s how the Jacksonville and police officer penion deal is shaking out:

• Voters approved a 1/2 cent sales tax increasre to go into effect in 2030
• The sales tax increase is triggered if andf only if officers agree to a fix
• 65% of law enforcement officers voted to approve 401Ks for new hires
  • 82% of captains and lieutenants approved the 401Ks for new hires
• The 401K deal comes with a 3%  bonus and a 20% across the board pay increase 
• The 401K deal also includes a return of all cut benefits during the 2000 financial downturn
• The 401K deal includes a 25% contribution by the city
• Contribution rates of current pensions will increase from 8% to 10%
• The final step will be approval by rank and file officers in March

News 4 JAX | FOP membership approves mayor’s pension deal