Oldsmar Firefighters Celebrate Stability as Pension Plans Stay Untouched

Oldsmar, Florida, USA - The City of Oldsmar’s Firefighters Pension Board convened on July 10, 2025, to discuss critical updates from the recent Florida legislative session regarding local pension plans. It was a meeting marked by a sense of stability, as board members noted that no new legislation impacting the pension system was passed this year, a development they greeted positively. According to Citizen Portal, two bills were filed during the session concerning the Florida Retirement System (FRS), but neither gained the traction needed for significant changes.

Among the proposals was an attempt to reinstate a Cost of Living Adjustment (COLA) for those who were hired or retired after June 1, 2011. Unfortunately, budget deficits and issues stemming from cost studies stalled its progress. For now, the current pension structure stands unchanged, a fact that brings some comfort amidst ongoing financial uncertainty.

The COLA Conundrum

The absence of a COLA for the second consecutive year has sparked concerns among various stakeholders. In October 2023, bills HB-151 and SB-242 aimed to bring back the FRS Pension Plan’s long-frozen 3% COLA, which has not been available since its suspension in 2011. This suspension was initially part of a strategy to manage surging public pension costs while driving the FRS toward full funding, a goal that remains distant. According to Florida Retirement Resources, despite union advocacy efforts, the efforts to reinstate the COLA this time around proved fruitless.

The legislative session concluded with a revised version of HB-151 that lacked any COLA provisions. The hiking of employer contributions to the pension fund is expected to tackle rising financial liabilities instead. Yet, the overwhelming truth is that reinstating the COLA could wreak havoc on this already burdened fund, as the costs are projected at over $2.4 billion to the FRS pension fund, leaving many wondering how such expenses could be managed.

The State of the Pension Fund

As it stands, the Florida Retirement System remains 81.6% funded, which translates into a staggering $42 billion shortfall in unfunded liabilities, as reported by Reason. The ongoing financial struggles have opened the door to serious discussions surrounding fiscal responsibility and the viability of fulfilling pension promises to the state’s public workers. In fact, the Florida Retirement System is currently nearly $46 billion in debt, a stark reminder of the challenges the state faces in meeting its obligations.

Concerns about future market downturns and potential economic recessions further add to the apprehension surrounding additional financial commitments. As such, many policymakers are advocating for a cautious approach, urging lawmakers to implement previous pension reforms fully before pursuing new financial obligations. The message is clear: while the promise of a brighter financial future for the pension system remains a hopeful mirage, the realities of funding still loom large.

The Firefighters Pension Board plans to stay vigilant, keeping a close eye on legislative developments that could impact operations in the future. For now, with a year marked by stability, Oldsmar’s pension plan may well find reprieve in the absence of more drastic changes. However, as they say in Austria, „it’s not over until the fat lady sings.“ How this story unfolds in the next legislative session could very well decide the fate of many hardworking public servants counting on their pensions.