Florida Senate - 2023                                    SB 7024
       
       
        
       By the Committee on Governmental Oversight and Accountability
       
       
       
       
       
       585-02617-23                                          20237024__
    1                        A bill to be entitled                      
    2         An act relating to retirement; amending s. 121.71,
    3         F.S.; revising required employer retirement
    4         contribution rates for each membership class of the
    5         Florida Retirement System; providing a declaration of
    6         important state interest; providing an effective date.
    7          
    8  Be It Enacted by the Legislature of the State of Florida:
    9  
   10         Section 1. Subsections (4) and (5) of section 121.71,
   11  Florida Statutes, are amended to read:
   12         121.71 Uniform rates; process; calculations; levy.—
   13         (4) Required employer retirement contribution rates for
   14  each membership class and subclass of the Florida Retirement
   15  System for both retirement plans are as follows:
   16  
   17  Membership Class            Percentage ofGrossCompensation,EffectiveJuly 1, 2023 2022
   18  
   19  Regular Class                             6.14% 5.96%              
   20  Special Risk Class                       17.05% 16.44%             
   21  Special Risk Administrative Support Class             10.75% 10.77%             
   22  Elected Officers’ Class— Legislators, Governor, Lt. Governor, Cabinet Officers, State Attorneys, Public Defenders              9.69% 9.31%              
   23  Elected Officers’ Class— Justices, Judges             14.64% 14.41%             
   24  Elected Officers’ Class— County Elected Officers             11.74% 11.30%             
   25  Senior Management Service Class              7.90% 7.70%              
   26  DROP                                      8.18% 7.79%              
   27         (5) In order to address unfunded actuarial liabilities of
   28  the system, the required employer retirement contribution rates
   29  for each membership class and subclass of the Florida Retirement
   30  System for both retirement plans are as follows:
   31  
   32  Membership Class            Percentage ofGrossCompensation,EffectiveJuly 1, 2023 2022
   33  
   34  Regular Class                             4.72% 4.23%              
   35  Special Risk Class                       10.83% 9.67%              
   36  Special Risk Administrative Support Class             25.02% 26.16%             
   37  Elected Officers’ Class— Legislators, Governor, Lt. Governor, Cabinet Officers, State Attorneys, Public Defenders             49.85% 56.76%             
   38  Elected Officers’ Class— Justices, Judges             27.63% 27.64%             
   39  Elected Officers’ Class— County Elected Officers             44.04% 43.98%             
   40  Senior Management Service Class             23.61% 22.15%             
   41  DROP                                     10.01% 9.15%              
   42         Section 2. The Legislature finds that a proper and
   43  legitimate state purpose is served when employees, officers, and
   44  retirees of the state and its political subdivisions, and the
   45  dependents, survivors, and beneficiaries of such employees,
   46  officers, and retirees, are extended the basic protections
   47  afforded by governmental retirement systems. These persons must
   48  be provided benefits that are fair and adequate and that are
   49  managed, administered, and funded in an actuarially sound manner
   50  as required by s. 14, Article X of the State Constitution and
   51  part VII of chapter 112, Florida Statutes. Therefore, the
   52  Legislature determines and declares that this act fulfills an
   53  important state interest.
   54         Section 3. This act shall take effect July 1, 2023.