Florida Senate - 2019 SB 7016
By the Committee on Governmental Oversight and Accountability
585-02189-19 20197016__
1 A bill to be entitled
2 An act relating to state-administered retirement
3 systems; amending s. 121.71, F.S.; revising required
4 employer retirement contribution rates for each
5 membership class and subclass of the Florida
6 Retirement System; providing a declaration of
7 important state interest; providing an effective date.
8
9 Be It Enacted by the Legislature of the State of Florida:
10
11 Section 1. Subsections (4) and (5) of section 121.71,
12 Florida Statutes, are amended to read:
13 121.71 Uniform rates; process; calculations; levy.—
14 (4) Required employer retirement contribution rates for
15 each membership class and subclass of the Florida Retirement
16 System for both retirement plans are as follows:
17
18 Membership Class Percentage ofGrossCompensation,EffectiveJuly 1, 2019 2018
19
20 Regular Class 3.19% 3.04%
21 Special Risk Class 12.53% 12.18%
22 Special Risk Administrative Support Class 3.61% 3.64%
23 Elected Officers’ Class— Legislators, Governor, Lt. Governor, Cabinet Officers, State Attorneys, Public Defenders 6.67% 6.65%
24 Elected Officers’ Class— Justices, Judges 12.30% 12.00%
25 Elected Officers’ Class— County Elected Officers 8.73% 8.50%
26 Senior Management Class 4.60% 4.45%
27 DROP 4.68% 4.41%
28 (5) In order to address unfunded actuarial liabilities of
29 the system, the required employer retirement contribution rates
30 for each membership class and subclass of the Florida Retirement
31 System for both retirement plans are as follows:
32
33 Membership Class Percentage ofGrossCompensation,EffectiveJuly 1, 2019 2018
34
35 Regular Class 3.56% 3.50%
36 Special Risk Class 11.14% 10.60%
37 Special Risk Administrative Support Class 33.26% 29.62%
38 Elected Officers’ Class— Legislators, Governor, Lt. Governor, Cabinet Officers, State Attorneys, Public Defenders 47.64% 48.38%
39 Elected Officers’ Class— Justices, Judges 27.98% 27.05%
40 Elected Officers’ Class— County Elected Officers 38.37% 38.48%
41 Senior Management Service Class 19.09% 17.89%
42 DROP 8.24% 7.96%
43 Section 2. The Legislature finds that a proper and
44 legitimate state purpose is served when employees, officers, and
45 retirees of the state and its political subdivisions, and the
46 dependents, survivors, and beneficiaries of such employees,
47 officers, and retirees, are extended the basic protections
48 afforded by governmental retirement systems. These persons must
49 be provided benefits that are fair and adequate and that are
50 managed, administered, and funded in an actuarially sound manner
51 as required by s. 14, Article X of the State Constitution and
52 part VII of chapter 112, Florida Statutes. Therefore, the
53 Legislature determines and declares that this act fulfills an
54 important state interest.
55 Section 3. This act shall take effect July 1, 2019.