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2016 Florida Statutes

SECTION 72
Allocations to investment plan member accounts; percentage amounts.
F.S. 121.72
121.72 Allocations to investment plan member accounts; percentage amounts.
(1) The allocations established in subsection (4) shall fund retirement benefits under the investment plan and shall be transferred monthly by the Division of Retirement from the Florida Retirement System Contributions Clearing Trust Fund to the third-party administrator for deposit in each participating employee’s individual account based on the membership class of the participant.
(2) The allocations are stated as a percentage of each investment plan member’s gross compensation for the calendar month. A change in a contribution percentage is effective the first day of the month for which retirement contributions may be made on or after the beginning date of the change. Contribution percentages may be modified by general law.
(3) Employer and employee contributions to member accounts shall be accounted for separately. Interest and investment earnings on contributions shall accrue on a tax-deferred basis until proceeds are distributed.
(4) Effective July 1, 2002 through June 30, 2012, allocations from the Florida Retirement System Contributions Clearing Trust Fund to investment plan member accounts are as follows:
Membership ClassPercentage of Gross Compensation
 
Regular Class9.00%
Special Risk Class20.00%
Special Risk Administrative Support Class11.35%
Elected Officers’ Class
 Legislators, Governor,
 Lt. Governor, Cabinet Officers,
 State Attorneys, Public Defenders
13.40%
Elected Officers’ Class
 Justices, Judges
18.90%
Elected Officers’ Class
 County Elected Officers
16.20%
Senior Management Service Class10.95%
(5) Effective July 1, 2012, allocations from the Florida Retirement System Contributions Clearing Trust Fund to investment plan member accounts are as follows:
Membership ClassPercentage of Gross Compensation
 
Regular Class6.30%
Special Risk Class14.00%
Special Risk Administrative Support Class7.95%
Elected Officers’ Class
 Legislators, Governor,
 Lt. Governor, Cabinet Officers,
 State Attorneys, Public Defenders
9.38%
Elected Officers’ Class
 Justices, Judges
13.23%
Elected Officers’ Class
 County Elected Officers
11.34%
Senior Management Service Class7.67%
History.s. 1, ch. 2002-177; s. 34, ch. 2011-68; s. 5, ch. 2012-146.