Florida Senate - 2024                                    SB 7024
       
       
        
       By the Committee on Governmental Oversight and Accountability
       
       
       
       
       
       585-01985-24                                          20247024__
    1                        A bill to be entitled                      
    2         An act relating to employer contributions to fund
    3         retiree benefits; amending s. 121.71, F.S.; revising
    4         required employer retirement contribution rates for
    5         each 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, 2024 2023
   19  
   20  Regular Class                             6.70% 6.73%              
   21  Special Risk Class                       18.39% 18.66%             
   22  Special Risk Administrative Support Class             10.92% 11.54%             
   23  Elected Officers’ Class— Legislators, Governor, Lt. Governor, Cabinet Officers, State Attorneys, Public Defenders             10.68% 10.45%             
   24  Elected Officers’ Class— Justices, Judges             14.50% 14.90%             
   25  Elected Officers’ Class— County Elected Officers             12.22% 12.39%             
   26  Senior Management Service Class              8.44% 8.56%              
   27  DROP                                      8.46% 8.49%              
   28         (5) In order to address unfunded actuarial liabilities of
   29  the system, the required employer retirement contribution rates
   30  for each membership class and subclass of the Florida Retirement
   31  System for both retirement plans are as follows:
   32  
   33  Membership Class            Percentage ofGrossCompensation,EffectiveJuly 1, 2024 2023
   34  
   35  Regular Class                             4.81% 4.78%              
   36  Special Risk Class                       12.00% 11.95%             
   37  Special Risk Administrative Support Class             25.90% 26.22%             
   38  Elected Officers’ Class— Legislators, Governor, Lt. Governor, Cabinet Officers, State Attorneys, Public Defenders             49.81% 50.21%             
   39  Elected Officers’ Class— Justices, Judges             28.39% 27.93%             
   40  Elected Officers’ Class— County Elected Officers             43.44% 44.23%             
   41  Senior Management Service Class             22.72% 23.90%             
   42  DROP                                     10.51% 10.64%             
   43         Section 2. The Legislature finds that a proper and
   44  legitimate state purpose is served when employees, officers, and
   45  retirees of the state and its political subdivisions, and the
   46  dependents, survivors, and beneficiaries of such employees,
   47  officers, and retirees, are extended the basic protections
   48  afforded by governmental retirement systems. These persons must
   49  be provided benefits that are fair and adequate and that are
   50  managed, administered, and funded in an actuarially sound manner
   51  as required by s. 14, Article X of the State Constitution and
   52  part VII of chapter 112, Florida Statutes. Therefore, the
   53  Legislature determines and declares that this act fulfills an
   54  important state interest.
   55         Section 3. This act shall take effect July 1, 2024.