FLORIDA: Law enforcement employees are raking in millions by retiring twice and picking up huge cash bonuses on the way. Not from drug busts or confiscation of contraband but from the pockets of taxpayers.

Only 52% of private-sector employers offer a 401(k) employee-funded retirement plan. The private sector employer 401K median is only a 3% match, Link: 20SomethingFinance

The Florida Legislature in 2022 additionally increased the taxpayer paid match of “Public Servant” salary by 3% across the board, a new annual $373.5 million tax burden on Florida taxpayers. Triple Dippers still don’t pay a penny of their salary into the pension system, but the Taxpayer paid match of Triple Dipper Salaries increases to 21.34% compared to 13.82% for Regular Class Employees and 69.73% for Legislators and the Governor. In 2012 the taxpayer-paid salary match for DROP Triple Dippers was 4.33%. LINK: Florida Retirement System Newsletter PDF

The Florida Legislature creates Million-dollar Cash bonuses for “Public Servants” but passed a law to allow schools to avoid paying the 7.65% employer Social Security and Medicare share of Substitute teacher and other substitute School Employee pay. LINK: FL Senate

Add the Cherry on the top – these Triple Dippers are cashing out their unused days off at their final highest salary, not the salary when the days were earned taking more money from taxpayers and artificially spiking their final year’s pay on which their pensions are calculated. Collecting a paycheck and a pension at the same time, Triple Dippers can afford to delay Social Security which then increases 8% per year to age 70. That’s about a 40% increase in Social Security payments! Triple Dippers is formally called the Deferred Retirement Option Program (DROP).

“Giving “Public Servants” a paycheck and a pension at the same time to do the same job has led to $36 Billion in unfunded Florida Retirement obligations, a $1,675 liability for every man, woman and child in Florida! LINK: Alec.org Report

“Triple Dippers are Greedy are taking a salary with huge benefits and interest-bearing pension at the same time to do the same job while living next to neighbors who lost their job or businesses, retirement savings, children’s college savings funds and possibly their cars and homes,” said Dave Jaye. “Ending the Triple Dipper program Statewide would create approximately 29,305 new jobs–without cutting a single Government position! Hiring entry-level employees to replace Triple Dippers saves approximately 40% –$840 million, plus approximately $62.8 Million that Triple Dippers don’t pay 3% of pay into the Florida pension.” Law enforcement employees typically collect huge amounts of overtime which results in even higher outrageous pension cash bonuses.

“The Florida Legislature and Governor should require current Triple Dippers to contribute 3% of pay to the State Pension program just like every other ‘Public Servant’ and increase the ‘Public Servant’ contribution from 3% to 5% as proposed by then-Governor Rick Scott. Retirement cash bonuses should be eliminated”. LINK: FL Sun-Sentinel Article

Contact: Dave Jaye, Researcher, Bonita Springs, FL https://tripledippers.org/ 586-488-5177 dave.jaye55@gmail.com

This page was created using Florida governmental data acquired in 2022 via Public Records Requests.