"It's too soon for us to say what the volatility might be doing to the mindset of the participants," said Kevin Sigrist, chief of defined contributions programs for the State Board of Administration.
"But it comes back very clearly from state employees that they are thinking less about gain.There is a lower level of comfort overall in investing."
But if the Florida experiment proves to be a bust it won't be just a setback for Gov.Bush -- it also will provide ammunition to Democrats in Washington who oppose the plan put forward by President Bush to privatize social security accounts.
said that last year the state board estimated that 235,000 people overall would opt to switch from the pension plan to the "Investment Plan."But as the Aug. 31 deadline for the first group of employees approaches, many appear content to stay put.
Some 159,000 state workers and university employees are included in that first group of employees.As of mid-July just 2,400 state workers and 3,000 employees overall have decided to switch to the FRS "Investment Plan."
"It's disappointing only 3,000 or so have taken advantage of it, but I don't blame them," said Rep.