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A bill to be entitled

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An act relating to retirement; amending s. 121.71, F.S.;

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revising the payroll contribution rates for the membership

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classes of the Florida Retirement System for the state

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fiscal years effective July 1, 2008, and July 1, 2009;

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providing a declaration of important state interest;

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providing an effective date.

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Be It Enacted by the Legislature of the State of Florida:

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     Section 1.  Subsection (3) of section 121.71, Florida

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Statutes, is amended to read:

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     121.71  Uniform rates; process; calculations; levy.--

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     (3)  Required employer retirement contribution rates for

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each membership class and subclass of the Florida Retirement

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System for both retirement plans are as follows:

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     Section 2. The Legislature finds that a proper and

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legitimate state purpose is served when employees and retirees of

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the state and its political subdivisions, and the dependents,

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survivors, and beneficiaries of such employees and retirees, are

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extended the basic protections afforded by governmental

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retirement systems. These persons must be provided benefits that

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are fair and adequate and that are managed, administered, and

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funded in an actuarially sound manner, as required by Section 14,

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Article X of the State Constitution, and part VII of chapter 112,

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Florida Statutes. Therefore, the Legislature determines and

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declares that this act fulfills an important state interest.

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     Section 3.  This act shall take effect July 1, 2008.