Florida Senate - 2007 COMMITTEE AMENDMENT
Bill No. SB 1490
Barcode 704276
CHAMBER ACTION
Senate House
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11 The Committee on Governmental Operations (Lawson) recommended
12 the following amendment:
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14 Senate Amendment (with title amendment)
15 Delete everything after the enacting clause
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17 and insert:
18 Section 1. Section 121.71, Florida Statutes, is
19 amended to read:
20 121.71 Uniform rates; process; calculations; levy.--
21 (1) In conducting the system actuarial study required
22 under s. 121.031, the actuary shall follow all requirements
23 specified thereunder to determine, by Florida Retirement
24 System employee membership class, the dollar contribution
25 amounts necessary for the forthcoming fiscal year for the
26 defined benefit program. In addition, the actuary shall
27 determine, by Florida Retirement System membership class,
28 based on an estimate for the forthcoming fiscal year of the
29 gross compensation of employees participating in the optional
30 retirement program, the dollar contribution amounts necessary
31 to make the allocations required under ss. 121.72 and 121.73.
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Florida Senate - 2007 COMMITTEE AMENDMENT
Bill No. SB 1490
Barcode 704276
1 For each employee membership class and subclass, the actuarial
2 study shall establish a uniform rate necessary to fund the
3 benefit obligations under both Florida Retirement System
4 retirement plans, by dividing the sum of total dollars
5 required by the estimated gross compensation of members in
6 both plans.
7 (2) Based on the uniform rates set forth in subsection
8 (3), employers shall make monthly contributions to the
9 Division of Retirement, which shall initially deposit the
10 funds into the Florida Retirement System Contributions
11 Clearing Trust Fund. A change in a contribution rate is
12 effective the first day of the month for which a full month's
13 employer contribution may be made on or after the beginning
14 date of the change.
15 (3) Required employer retirement contribution rates
16 for each membership class and subclass of the Florida
17 Retirement System for both retirement plans are as follows:
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19 Percentage of Percentage of
20 Gross Gross
21 Compensation, Compensation,
22 Effective Effective
23 Membership Class July 1, 2007 2006 July 1, 2008 2007
24 Regular Class 8.69% 9.59% 9.55%
25 Special Risk Class 19.76% 22.01% 21.96%
26 Special Risk 11.39% 11.90% 12.65%
27 Administrative
28 Support Class
29 Elected Officers' Class-- 13.32% 14.99% 14.80%
30 Legislators, Governor,
31 Lt. Governor,
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Florida Senate - 2007 COMMITTEE AMENDMENT
Bill No. SB 1490
Barcode 704276
1 Cabinet Officers,
2 State Attorneys,
3 Public Defenders
4 Elected Officers' Class-- 18.40% 20.46% 20.44%
5 Justices, Judges
6 Elected Officers' Class-- 15.37% 17.15% 17.08%
7 County Elected Officers
8 Senior Management Class 11.96% 13.35% 13.29%
9 DROP 9.80% 11.40% 10.89%
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11 (4) The state actuary shall recognize and use an
12 appropriate level of available excess assets of the Florida
13 Retirement System Trust Fund to offset the difference between
14 the normal costs of the Florida Retirement System and the
15 statutorily prescribed contribution rates.
16 Section 2. The Legislature finds that a proper and
17 legitimate state purpose is served when employees and retirees
18 of the state and its political subdivisions, and the
19 dependents, survivors, and beneficiaries of such employees and
20 retirees, are extended the basic protections afforded by
21 governmental retirement systems. These persons must be
22 provided benefits that are fair and adequate and that are
23 managed, administered, and funded in an actuarially sound
24 manner, as required by Section 14, Article X of the State
25 Constitution, and part VII of chapter 112, Florida Statutes.
26 Therefore, the Legislature determines and declares that this
27 act fulfills an important state interest.
28 Section 3. This act shall take effect July 1, 2007.
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Florida Senate - 2007 COMMITTEE AMENDMENT
Bill No. SB 1490
Barcode 704276
1 ================ T I T L E A M E N D M E N T ===============
2 And the title is amended as follows:
3 Delete everything before the enacting clause
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5 and insert:
6 A bill to be entitled
7 An act relating to retirement; amending s.
8 121.71, F.S.; revising the payroll contribution
9 rates for the membership classes of the Florida
10 Retirement System for the state fiscal years
11 effective July 1, 2007, and July 1, 2008;
12 providing a declaration of important state
13 interest; providing an effective date.
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