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The Committee on Governmental Operations (Lawson) recommended

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the following amendment:

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     Senate Amendment (with title amendment)

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     Delete everything after the enacting clause

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and insert:

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     Section 1.  Section 121.71, Florida Statutes, is amended to

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read:

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

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     (1)  In conducting the system actuarial study required

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under s. 121.031, the actuary shall follow all requirements

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specified thereunder to determine, by Florida Retirement System

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employee membership class, the dollar contribution amounts

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necessary for the forthcoming fiscal year for the defined

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benefit program. In addition, the actuary shall determine, by

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Florida Retirement System membership class, based on an estimate

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for the forthcoming fiscal year of the gross compensation of

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employees participating in the optional retirement program, the

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dollar contribution amounts necessary to make the allocations

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required under ss. 121.72 and 121.73. For each employee

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membership class and subclass, the actuarial study shall

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establish a uniform rate necessary to fund the benefit

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obligations under both Florida Retirement System retirement

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plans, by dividing the sum of total dollars required by the

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estimated gross compensation of members in both plans.

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     (2)  Based on the uniform rates set forth in subsection

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(3), employers shall make monthly contributions to the Division

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of Retirement, which shall initially deposit the funds into the

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Florida Retirement System Contributions Clearing Trust Fund. A

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change in a contribution rate is effective the first day of the

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month for which a full month's employer contribution may be made

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on or after the beginning date of the change.

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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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     (4)  The state actuary shall recognize and use an

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appropriate level of available excess assets of the Florida

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Retirement System Trust Fund to offset the difference between

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the normal costs of the Florida Retirement System and the

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statutorily prescribed contribution rates.

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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

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of 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

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

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112, 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.

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================ T I T L E  A M E N D M E N T ================

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And the title is amended as follows:

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     Delete everything before the enacting clause

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and insert:

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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.

3/17/2008  3:03:00 PM     6-05044-08