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The Senate has convened, unilaterally, in Special Session for the sole purpose of consideration of Executive Order 19-14.

2010 Florida Statutes

F.S. 121.71
121.71

Uniform rates; process; calculations; levy.

(1)

In conducting the system actuarial study required under s. 121.031, the actuary shall follow all requirements specified thereunder to determine, by Florida Retirement System employee membership class, the dollar contribution amounts necessary for the forthcoming fiscal year for the defined benefit program. In addition, the actuary shall determine, by Florida Retirement System membership class, based on an estimate for the forthcoming fiscal year of the gross compensation of employees participating in the optional retirement program, the dollar contribution amounts necessary to make the allocations required under ss. 121.72 and 121.73. For each employee membership class and subclass, the actuarial study shall establish a uniform rate necessary to fund the benefit obligations under both Florida Retirement System retirement plans by dividing the sum of total dollars required by the estimated gross compensation of members in both plans.

(2)

Based on the uniform rates set forth in subsection (3), employers shall make monthly contributions to the Division of Retirement, which shall initially deposit the funds into the Florida Retirement System Contributions Clearing Trust Fund. A change in a contribution rate is effective the first day of the month for which a full month’s employer contribution may be made on or after the beginning date of the change.

(3)

Required employer retirement contribution rates for each membership class and subclass of the Florida Retirement System for both retirement plans are as follows:

Membership Class

Percentage of
Gross
Compensation,
Effective
July 1, 2009

Percentage of
Gross
Compensation,
Effective
July 1, 2010

 

Regular Class

8.69%

9.63%

Special Risk Class

19.76%

22.11%

Special Risk
 Administrative
 Support Class

11.39%

12.10%

Elected Officers’ Class—
 Legislators, Governor,
 Lt. Governor,
 Cabinet Officers,
 State Attorneys,
 Public Defenders

13.32%

15.20%

Elected Officers’ Class—
 Justices, Judges

18.40%

20.65%

Elected Officers’ Class—
 County Elected Officers

15.37%

17.50%

Senior Management Class

11.96%

13.43%

DROP

9.80%

11.14%

(4)

The state actuary shall recognize and use an appropriate level of available excess assets of the Florida Retirement System Trust Fund to offset the difference between the normal costs of the Florida Retirement System and the statutorily prescribed contribution rates.

History.

s. 1, ch. 2002-177; s. 47, ch. 2002-402; s. 3, ch. 2003-260; s. 1, ch. 2004-293; s. 1, ch. 2005-93; s. 1, ch. 2006-35; s. 1, ch. 2007-84; s. 7, ch. 2008-139; s. 1, ch. 2009-76.