Florida Labor Law Forcing Rising Costs in Tampa Pension Funds

Tampa, FLFlorida labor law has required taxpayers in the city of Tampa to contribute more and more to the pension funds of public employees.

According to Tampa Bay Online, four years ago Tampa residents contributed about $1.5 million to Tampa's police and fire pension fund, but experts predict that figure to approach $20 million next year.

The city's contributions to its public safety and general employee pensions have also been escalating, rising from $20 million to a projected $40.6 million next year, reports the news source.

The reasons for the increase are economic, according to the news provider. Florida labor law requires that the pensions be kept at a certain level, so the economic downturn has forced taxpayers to contribute more money to the pension funds.

Mayor Pam Iorio recently said she was concerned with the issue.

"We have to look at reforming the pension system," she said during her presentation of the fiscal year 2011 budget. "Now I'm not talking about taking away benefits for anyone who currently relies upon the system. But I think it would be wise to look at changing the system…so the cost to government isn't so severe."