ENROLLED
       2021 Legislature                          SB 7018, 1st Engrossed
       
       
       
       
       
       
                                                             20217018er
    1  
    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  
   19  Membership Class                         Percentage ofGrossCompensation,EffectiveJuly 1, 2021 2020
   20  
   21  Regular Class                                 4.91% 4.84%     
   22  Special Risk Class                           15.27% 15.13%    
   23  Special Risk Administrative Support Class     9.73% 9.89%     
   24  Elected Officers’ Class— Legislators, Governor, Lt. Governor, Cabinet Officers, State Attorneys, Public Defenders     8.49% 8.38%     
   25  Elected Officers’ Class— Justices, Judges    13.38% 13.31%    
   26  Elected Officers’ Class— County Elected Officers    10.28% 10.07%    
   27  Senior Management Class                       6.49% 6.39%     
   28  DROP                                          7.23% 7.03%     
   29  
   30         (5) In order to address unfunded actuarial liabilities of
   31  the system, the required employer retirement contribution rates
   32  for each membership class and subclass of the Florida Retirement
   33  System for both retirement plans are as follows:
   34  
   35  
   36  Membership Class                         Percentage ofGrossCompensation,EffectiveJuly 1, 2021 2020
   37  
   38  Regular Class                                 4.19% 3.44%     
   39  Special Risk Class                            8.90% 7.60%     
   40  Special Risk Administrative Support Class    26.31% 24.23%    
   41  Elected Officers’ Class— Legislators, Governor, Lt. Governor, Cabinet Officers, State Attorneys, Public Defenders    53.52% 48.81%    
   42  Elected Officers’ Class— Justices, Judges    25.81% 24.70%    
   43  Elected Officers’ Class— County Elected Officers    39.42% 37.39%    
   44  Senior Management Service Class              20.80% 19.18%    
   45  DROP                                          9.45% 8.29%     
   46  
   47         Section 2. The Legislature finds that a proper and
   48  legitimate state purpose is served when employees, officers, and
   49  retirees of the state and its political subdivisions, and the
   50  dependents, survivors, and beneficiaries of such employees,
   51  officers, and retirees, are extended the basic protections
   52  afforded by governmental retirement systems. These persons must
   53  be provided benefits that are fair and adequate and that are
   54  managed, administered, and funded in an actuarially sound manner
   55  as required by s. 14, Article X of the State Constitution and
   56  part VII of chapter 112, Florida Statutes. Therefore, the
   57  Legislature determines and declares that this act fulfills an
   58  important state interest.
   59         Section 3. This act shall take effect July 1, 2021.