The Florida Senate

The allocations established in subsection (4) shall fund retirement benefits under the optional retirement program and shall be transferred monthly by the Division of Retirement from the Florida Retirement System Contributions Clearing Trust Fund to the third-party administrator for deposit in each participating employee’s individual account based on the membership class of the participant.

The allocations are stated as a percentage of each optional retirement program participant’s gross compensation for the calendar month. A change in a contribution percentage is effective the first day of the month for which a full month’s employer contribution may be made on or after the beginning date of the change. Contribution percentages may be modified by general law.

Employer and participant contributions to participant accounts shall be accounted for separately. Participant contributions may be made only if expressly authorized by law. Interest and investment earnings on contributions shall accrue on a tax-deferred basis until proceeds are distributed.

Effective July 1, 2002, allocations from the Florida Retirement System Contributions Clearing Trust Fund to optional retirement program participant accounts shall be as follows: