Florida Senate - 2020                                     SB 858
       
       
        
       By Senator Gruters
       
       
       
       
       
       23-00932-20                                            2020858__
    1                        A bill to be entitled                      
    2         An act relating to cost-of-living adjustment for
    3         Special Risk Class retirees; amending s. 121.101,
    4         F.S.; revising the manner of calculating the cost-of
    5         living factor for Special Risk Class retirees, and
    6         their beneficiaries, who meet certain criteria;
    7         providing a declaration of important state interest;
    8         providing an effective date.
    9          
   10  Be It Enacted by the Legislature of the State of Florida:
   11  
   12         Section 1. Paragraph (c) of subsection (4) of section
   13  121.101, Florida Statutes, is amended to read:
   14         121.101 Cost-of-living adjustment of benefits.—
   15         (4) For members whose effective retirement date is on or
   16  after July 1, 2011, the benefit of each retiree and annuitant
   17  shall be adjusted annually on July 1 as follows:
   18         (c) The department shall calculate a cost-of-living factor
   19  for each retiree and beneficiary retiring on or after July 1,
   20  2011. This factor shall equal the product of 3 percent
   21  multiplied by the quotient of the sum of the member’s service
   22  credit earned for service before July 1, 2011, divided by the
   23  sum of the member’s total service credit earned. However,
   24  beginning July 1, 2020, the cost-of-living factor for each
   25  retiree, and the beneficiary of such a retiree, who was a member
   26  of the Special Risk Class on June 30, 2011, is a member of the
   27  Special Risk Class on the effective date of retirement, who
   28  retires on or after July 1, 2011, and has earned service credit
   29  before July 1, 2011, shall equal the product of 3 percent
   30  multiplied by the quotient of the sum of the member’s service
   31  credit earned for service before July 1, 2011, divided by the
   32  sum of the member’s total service credit earned as of June 30,
   33  2020.
   34         Section 2. The Legislature finds that a proper and
   35  legitimate state purpose is served when employees and retirees
   36  of the state and its political subdivisions, and the dependents,
   37  survivors, and beneficiaries of such employees and retirees, are
   38  extended the basic protections afforded by governmental
   39  retirement systems. These persons must be provided benefits that
   40  are fair and adequate and that are managed, administered, and
   41  funded in an actuarially sound manner, as required by s. 14,
   42  Article X of the State Constitution and part VII of chapter 112,
   43  Florida Statutes. Therefore, the Legislature determines and
   44  declares that this act fulfills an important state interest.
   45         Section 3. This act shall take effect July 1, 2020.