SB 7022                                          First Engrossed
       
       
       
       
       
       
       
       
       20257022e1
       
    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 and
    5         subclass of the Florida Retirement System; providing a
    6         declaration of important state interest; providing an
    7         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, 2025 2024
   19  
   20  Regular Class                             7.10% 6.73%              
   21  Special Risk Class                       20.10% 18.66%             
   22  Special Risk Administrative Support Class             10.88% 11.54%             
   23  Elected Officers’ Class— Legislators, Governor, Lt. Governor, Cabinet Officers, State Attorneys, Public Defenders             10.04% 10.70%             
   24  Elected Officers’ Class— Justices, Judges             15.62% 14.90%             
   25  Elected Officers’ Class— County Elected Officers             11.79% 12.39%             
   26  Senior Management Service Class              8.73% 8.56%              
   27  DROP                                      9.37% 8.49%              
   28  
   29         (5) In order to address unfunded actuarial liabilities of
   30  the system, the required employer retirement contribution rates
   31  for each membership class and subclass of the Florida Retirement
   32  System for both retirement plans are as follows:
   33  
   34  Membership Class            Percentage ofGrossCompensation,EffectiveJuly 1, 2025 2024
   35  
   36  Regular Class                             4.87% 4.84%              
   37  Special Risk Class                       13.03% 12.07%             
   38  Special Risk Administrative Support Class             26.54% 26.22%             
   39  Elected Officers’ Class— Legislators, Governor, Lt. Governor, Cabinet Officers, State Attorneys, Public Defenders             50.56% 50.21%             
   40  Elected Officers’ Class— Justices, Judges             28.46% 28.49%             
   41  Elected Officers’ Class— County Elected Officers             40.72% 44.23%             
   42  Senior Management Service Class             22.45% 23.90%             
   43  DROP                                     10.65% 10.64%             
   44  
   45         Section 2. The Legislature finds that a proper and
   46  legitimate state purpose is served when employees, officers, and
   47  retirees of the state and its political subdivisions, and the
   48  dependents, survivors, and beneficiaries of such employees,
   49  officers, and retirees, are extended the basic protections
   50  afforded by governmental retirement systems. These persons must
   51  be provided benefits that are fair and adequate and that are
   52  managed, administered, and funded in an actuarially sound manner
   53  as required by s. 14, Article X of the State Constitution and
   54  part VII of chapter 112, Florida Statutes. Therefore, the
   55  Legislature determines and declares that this act fulfills an
   56  important state interest.
   57         Section 3. This act shall take effect July 1, 2025.