Florida Senate - 2017 SB 7022
By the Committee on Governmental Oversight and Accountability
585-02137-17 20177022__
1 A bill to be entitled
2 An act relating to state-administered retirement
3 systems; amending s. 121.71, F.S.; revising required
4 employer retirement contribution rates for each
5 membership class and subclass of the Florida
6 Retirement System; providing a declaration of
7 important state interest; providing an effective date.
8
9 Be It Enacted by the Legislature of the State of Florida:
10
11 Section 1. Subsections (4) and (5) of section 121.71,
12 Florida Statutes, are amended to read:
13 121.71 Uniform rates; process; calculations; levy.—
14 (4) Required employer retirement contribution rates for
15 each membership class and subclass of the Florida Retirement
16 System for both retirement plans are as follows:
17
18 Membership Class Percentage ofGrossCompensation,EffectiveJuly 1, 2017 2016
19
20 Regular Class 2.89% 2.97%
21 Special Risk Class 11.81% 11.80%
22 Special Risk Administrative Support Class 3.81% 3.87%
23 Elected Officers’ Class— Legislators, Governor, Lt. Governor, Cabinet Officers, State Attorneys, Public Defenders 6.41% 6.63%
24 Elected Officers’ Class— Justices, Judges 11.66% 11.68%
25 Elected Officers’ Class— County Elected Officers 8.48% 8.55%
26 Senior Management Class 4.28% 4.38%
27 DROP 4.17% 4.23%
28 (5)
29 In order to address unfunded actuarial liabilities of the
30 system, the required employer retirement contribution rates for
31 each membership class and subclass of the Florida Retirement
32 System for both retirement plans are as follows:
33
34
35 Membership Class Percentage ofGrossCompensation,EffectiveJuly 1, 2017 2016
36
37 Regular Class 3.30% 2.83%
38 Special Risk Class 9.57% 9.05%
39 Special Risk Administrative Support Class 29.08% 22.47%
40 Elected Officers’ Class— Legislators, Governor, Lt. Governor, Cabinet Officers, State Attorneys, Public Defenders 42.69% 33.75%
41 Elected Officers’ Class— Justices, Judges 26.25% 23.30%
42 Elected Officers’ Class— County Elected Officers 35.24% 32.20%
43 Senior Management Service Class 16.70% 15.67%
44 DROP 7.43% 7.10%
45 Section 2. The Legislature finds that a proper and
46 legitimate state interest is served when employees, officers,
47 and retirees of the state and its political subdivisions, and
48 the dependents, survivors, and beneficiaries of such employees,
49 officers, and retirees, are extended the basic protections
50 afforded by governmental retirement systems. These persons must
51 be provided benefits that are fair and adequate and that are
52 managed, administered, and funded in an actuarially sound
53 manner, as required by s. 14, Article X of the State
54 Constitution and part VII of chapter 112, Florida Statutes.
55 Therefore, the Legislature determines and declares that this act
56 fulfills an important state interest.
57 Section 3. This act shall take effect July 1, 2017.