Florida Senate - 2023 (PROPOSED BILL) SPB 7024
FOR CONSIDERATION By the Committee on Governmental Oversight and
Accountability
585-00403-23 20237024pb
1 A bill to be entitled
2 An act relating to retirement; amending s. 121.71,
3 F.S.; revising required employer retirement
4 contribution rates for each membership class of the
5 Florida Retirement System; providing a declaration of
6 important state interest; providing an effective date.
7
8 Be It Enacted by the Legislature of the State of Florida:
9
10 Section 1. Subsections (4) and (5) of section 121.71,
11 Florida Statutes, are amended to read:
12 121.71 Uniform rates; process; calculations; levy.—
13 (4) Required employer retirement contribution rates for
14 each membership class and subclass of the Florida Retirement
15 System for both retirement plans are as follows:
16
17 Membership Class Percentage ofGrossCompensation,EffectiveJuly 1, 2023 2022
18
19 Regular Class 6.14% 5.96%
20 Special Risk Class 17.05% 16.44%
21 Special Risk Administrative Support Class 10.75% 10.77%
22 Elected Officers’ Class— Legislators, Governor, Lt. Governor, Cabinet Officers, State Attorneys, Public Defenders 9.69% 9.31%
23 Elected Officers’ Class— Justices, Judges 14.64% 14.41%
24 Elected Officers’ Class— County Elected Officers 11.74% 11.30%
25 Senior Management Service Class 7.90% 7.70%
26 DROP 8.18% 7.79%
27 (5) In order to address unfunded actuarial liabilities of
28 the system, the required employer retirement contribution rates
29 for each membership class and subclass of the Florida Retirement
30 System for both retirement plans are as follows:
31
32 Membership Class Percentage ofGrossCompensation,EffectiveJuly 1, 2023 2022
33
34 Regular Class 4.72% 4.23%
35 Special Risk Class 10.83% 9.67%
36 Special Risk Administrative Support Class 25.02% 26.16%
37 Elected Officers’ Class— Legislators, Governor, Lt. Governor, Cabinet Officers, State Attorneys, Public Defenders 49.85% 56.76%
38 Elected Officers’ Class— Justices, Judges 27.63% 27.64%
39 Elected Officers’ Class— County Elected Officers 44.04% 43.98%
40 Senior Management Service Class 23.61% 22.15%
41 DROP 10.01% 9.15%
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, 2023.