Florida Senate - 2007 SENATOR AMENDMENT
Bill No. HB 7085
Barcode 573284
CHAMBER ACTION
Senate House
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04/18/2007 11:12 AM .
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11 Senators Lawson and Carlton moved the following amendment:
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13 Senate Amendment (with title amendment)
14 Delete everything after the enacting clause
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16 and insert:
17 Section 1. Section 121.71, Florida Statutes, is
18 amended to read:
19 121.71 Uniform rates; process; calculations; levy.--
20 (1) In conducting the system actuarial study required
21 under s. 121.031, the actuary shall follow all requirements
22 specified thereunder to determine, by Florida Retirement
23 System employee membership class, the dollar contribution
24 amounts necessary for the forthcoming fiscal year for the
25 defined benefit program. In addition, the actuary shall
26 determine, by Florida Retirement System membership class,
27 based on an estimate for the forthcoming fiscal year of the
28 gross compensation of employees participating in the optional
29 retirement program, the dollar contribution amounts necessary
30 to make the allocations required under ss. 121.72 and 121.73.
31 For each employee membership class and subclass, the actuarial
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Florida Senate - 2007 SENATOR AMENDMENT
Bill No. HB 7085
Barcode 573284
1 study shall establish a uniform rate necessary to fund the
2 benefit obligations under both Florida Retirement System
3 retirement plans, by dividing the sum of total dollars
4 required by the estimated gross compensation of members in
5 both plans.
6 (2) Based on the uniform rates set forth in subsection
7 (3), employers shall make monthly contributions to the
8 Division of Retirement, which shall initially deposit the
9 funds into the Florida Retirement System Contributions
10 Clearing Trust Fund. A change in a contribution rate is
11 effective the first day of the month for which a full month's
12 employer contribution may be made on or after the beginning
13 date of the change.
14 (3) Required employer retirement contribution rates
15 for each membership class and subclass of the Florida
16 Retirement System for both retirement plans are as follows:
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18 Percentage of Percentage of
19 Gross Gross
20 Compensation, Compensation,
21 Effective Effective
22 Membership Class July 1, 2007 2006 July 1, 2008 2007
23 Regular Class 8.69% 9.59% 9.55%
24 Special Risk Class 19.76% 22.01% 21.96%
25 Special Risk 11.39% 11.90% 12.65%
26 Administrative
27 Support Class
28 Elected Officers' Class-- 13.32% 14.99% 14.80%
29 Legislators, Governor,
30 Lt. Governor,
31 Cabinet Officers,
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Florida Senate - 2007 SENATOR AMENDMENT
Bill No. HB 7085
Barcode 573284
1 State Attorneys,
2 Public Defenders
3 Elected Officers' Class-- 18.40% 20.46% 20.44%
4 Justices, Judges
5 Elected Officers' Class-- 15.37% 17.15% 17.08%
6 County Elected Officers
7 Senior Management Class 11.96% 13.35% 13.29%
8 DROP 9.80% 11.40% 10.89%
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10 (4) The state actuary shall recognize and use an
11 appropriate level of available excess assets of the Florida
12 Retirement System Trust Fund to offset the difference between
13 the normal costs of the Florida Retirement System and the
14 statutorily prescribed contribution rates.
15 Section 2. The Legislature finds that a proper and
16 legitimate state purpose is served when employees and retirees
17 of the state and its political subdivisions, and the
18 dependents, survivors, and beneficiaries of such employees and
19 retirees, are extended the basic protections afforded by
20 governmental retirement systems. These persons must be
21 provided benefits that are fair and adequate and that are
22 managed, administered, and funded in an actuarially sound
23 manner, as required by Section 14, Article X of the State
24 Constitution, and part VII of chapter 112, Florida Statutes.
25 Therefore, the Legislature determines and declares that this
26 act fulfills an important state interest.
27 Section 3. This act shall take effect July 1, 2007.
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30 ================ T I T L E A M E N D M E N T ===============
31 And the title is amended as follows:
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7:17 PM 04/11/07 h708500d-06-j01
Florida Senate - 2007 SENATOR AMENDMENT
Bill No. HB 7085
Barcode 573284
1 Delete everything before the enacting clause
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3 and insert:
4 A bill to be entitled
5 An act relating to retirement; amending s.
6 121.71, F.S.; revising the payroll contribution
7 rates for the membership classes of the Florida
8 Retirement System for the state fiscal years
9 effective July 1, 2007, and July 1, 2008;
10 providing a declaration of important state
11 interest; providing an effective date.
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