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The Florida Senate

HB 5007 — State-administered Retirement Systems

by Appropriations Committee and Rep. Cummings (SB 7044 by Governmental Oversight and Accountability Committee)

This summary is provided for information only and does not represent the opinion of any Senator, Senate Officer, or Senate Office.

Prepared by: Governmental Oversight and Accountability Committee (GO)

The bill establishes the contribution rates paid by employers participating in the Florida Retirement System (FRS) beginning July 1, 2020. These rates are intended to fund the full normal cost and the amortization of the unfunded actuarial liabilities of the FRS. With these modifications to employer contribution rates, the FRS Trust Fund will receive roughly $404.5 million more in revenue on an annual basis beginning July 1, 2020. The public employers that will incur these additional costs are state agencies, state universities and colleges, school districts, counties, and certain municipalities and other governmental entities.

If approved by the Governor, these provisions take effect July 1, 2020.

Vote: Senate 38-0; House 111-5