Pension tax critic Bill McClure is part of the Florida Retirement System

Bill McClure, a Republican running in Florida’s 4th Congressional District, has messaged heavily during this campaign against both Jacksonville’s referendum to extend a current half-cent tax to address the unfunded pension liability, and against public pensions in general.

The latest example of his rhetoric, “When elected to Congress I will decline all congressional pension benefits ... I am that citizen legislator; here to serve the people, not pad my retirement,” McClure posted to Facebook over the weekend.

However, a public records request reveals McClure is part of the Florida Retirement System.

Is there a disconnect? Not to McClure.

“FRS has two options, a pension plan or a pre-tax investment plan, which is the 401(k) option, in which I contribute a portion of my salary and invest it into funds in which I direct, for my retirement. Many private employers offer this one option, as it is investment based, with no guarantees. It can be rolled into an IRA after an employee leaves. Again,” McClure claimed, “there is no guarantee.”

McClure emphasized the difference between the defined benefit and defined contribution plan also.

“A pension plan is a defined benefit plan which guarantees income for life, and I do not choose to have a pension plan guaranteed by the taxpayers, nor do I wish one.”

Despite McClure’s assurance there are no guarantees with the investment plan, the Florida Retirement System interprets the pre-tax investment plan somewhat differently.

Under the investment plan, claims the FRS, “a guaranteed lifetime cost-of-living payment option (based on the benefit to be distributed) can be purchased and is available with annual 3 percent cost-of-living increases, like the pension plan.”

The FRS sells this plan to “shorter-service and mobile employees” and “older employees that don’t expect to work at least six years.”