DEFINE THE CONTRIBUTION NOT THE BENEFIT:

Rick Scott Proposes $2.8 Billion in State Pension Savings (Gray Rohrer, February 2, 2011, Sunshine State News)

Gov. Rick Scott unveiled his plan to reform the state’s employee pension system in Naples Tuesday, promising $2.8 billion in savings over the next two years.

The savings would be achieved, Scott said, by requiring state workers in the Florida Retirement System to contribute 5 percent of their salaries to the system and have new workers join a defined contribution plan akin to a 401(k) retirement plan.