Florida Senate - 2021             CONFERENCE COMMITTEE AMENDMENT
       Bill No. SB 7018
       
       
       
       
       
       
                                Ì436356:Î436356                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
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                 Floor: AD/CR          .           Floor: AD            
             04/30/2021 10:52 AM       .      04/30/2021 01:39 PM       
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       The Conference Committee on SB 7018 recommended the following:
       
    1         Senate Conference Committee Amendment (with title
    2  amendment)
    3  
    4         Delete everything after the enacting clause
    5  and insert:
    6         Section 1. Subsections (4) and (5) of section 121.71,
    7  Florida Statutes, are amended to read:
    8         121.71 Uniform rates; process; calculations; levy.—
    9         (4) Required employer retirement contribution rates for
   10  each membership class and subclass of the Florida Retirement
   11  System for both retirement plans are as follows:
   12  
   13  
   14  Membership Class                         Percentage ofGrossCompensation,EffectiveJuly 1, 2021 2020
   15  
   16  Regular Class                                 4.91% 4.84%     
   17  Special Risk Class                           15.27% 15.13%    
   18  Special Risk Administrative Support Class     9.73% 9.89%     
   19  Elected Officers’ Class— Legislators, Governor, Lt. Governor, Cabinet Officers, State Attorneys, Public Defenders     8.49% 8.38%     
   20  Elected Officers’ Class— Justices, Judges    13.38% 13.31%    
   21  Elected Officers’ Class— County Elected Officers    10.28% 10.07%    
   22  Senior Management Class                       6.49% 6.39%     
   23  DROP                                          7.23% 7.03%     
   24  
   25         (5) In order to address unfunded actuarial liabilities of
   26  the system, the required employer retirement contribution rates
   27  for each membership class and subclass of the Florida Retirement
   28  System for both retirement plans are as follows:
   29  
   30  
   31  Membership Class                         Percentage ofGrossCompensation,EffectiveJuly 1, 2021 2020
   32  
   33  Regular Class                                 4.19% 3.44%     
   34  Special Risk Class                            8.90% 7.60%     
   35  Special Risk Administrative Support Class    26.31% 24.23%    
   36  Elected Officers’ Class— Legislators, Governor, Lt. Governor, Cabinet Officers, State Attorneys, Public Defenders    53.52% 48.81%    
   37  Elected Officers’ Class— Justices, Judges    25.81% 24.70%    
   38  Elected Officers’ Class— County Elected Officers    39.42% 37.39%    
   39  Senior Management Service Class              20.80% 19.18%    
   40  DROP                                          9.45% 8.29%     
   41  
   42         Section 2. The Legislature finds that a proper and
   43  legitimate state purpose is served when employees, officers, and
   44  retirees of the state and its political subdivisions, and the
   45  dependents, survivors, and beneficiaries of such employees,
   46  officers, and retirees, are extended the basic protections
   47  afforded by governmental retirement systems. These persons must
   48  be provided benefits that are fair and adequate and that are
   49  managed, administered, and funded in an actuarially sound manner
   50  as required by s. 14, Article X of the State Constitution and
   51  part VII of chapter 112, Florida Statutes. Therefore, the
   52  Legislature determines and declares that this act fulfills an
   53  important state interest.
   54         Section 3. This act shall take effect July 1, 2021.
   55  
   56  ================= T I T L E  A M E N D M E N T ================
   57  And the title is amended as follows:
   58         Delete everything before the enacting clause
   59  and insert:
   60                        A bill to be entitled                      
   61         An act relating to state-administered retirement
   62         systems; amending s. 121.71, F.S.; revising required
   63         employer retirement contribution rates for each
   64         membership class and subclass of the Florida
   65         Retirement System; providing a declaration of
   66         important state interest; providing an effective date.