Florida Senate - 2023                        COMMITTEE AMENDMENT
       Bill No. SB 224
       
       
       
       
       
       
                                Ì367100dÎ367100                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  03/22/2023           .                                
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       The Committee on Governmental Oversight and Accountability
       (Hooper) recommended the following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Between lines 362 and 363
    4  insert:
    5         Section 4. Members of the Special Risk Class of the Florida
    6  Retirement System who have not reached eligibility for
    7  participation in the Deferred Retirement Option Program (DROP)
    8  and who would be past their 12-month DROP election limitation
    9  period upon enactment of this act may apply for participation in
   10  DROP within the 12 months immediately following the effective
   11  date of this act.
   12         Section 5. (1) In order to fund the benefit changes
   13  provided in this act, the required employer contribution rates
   14  for the members of the Florida Retirement System established in
   15  s. 121.71(4), Florida Statutes, are increased as follows:
   16         (a) By 0.87 percentage point for the Special Risk Class.
   17         (b) By 0.20 percentage point for the Deferred Retirement
   18  Option Program.
   19         (2) In order to fund the benefit changes provided in this
   20  act, the required employer contribution rates for the unfunded
   21  actuarial liability of the Florida Retirement System established
   22  in s. 121.71(5), Florida Statutes, are increased by 0.40
   23  percentage point for the Special Risk Class.
   24         (3) The adjustments provided in subsections (1) and (2) are
   25  in addition to any other changes to such contribution rates
   26  which may be enacted into law to take effect on July 1, 2023.
   27  The Division of Law Revision is directed to adjust accordingly
   28  the contribution rates provided in s. 121.71, Florida Statutes.
   29  
   30  ================= T I T L E  A M E N D M E N T ================
   31  And the title is amended as follows:
   32         Delete line 8
   33  and insert:
   34         by this act; authorizing certain members of the
   35         Special Risk Class to apply to participate in the
   36         Deferred Retirement Option Program within a specified
   37         time period; revising required employer retirement
   38         contribution rates to fund the benefit changes made by
   39         the act; providing a directive to the Division of Law
   40         Revision; providing a declaration of important