Florida Senate - 2025             CONFERENCE COMMITTEE AMENDMENT
       Bill No. SB 7022
       
       
       
       
       
       
                                Ì763438@Î763438                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
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                 Floor: AD/CR          .           Floor: AD            
             06/16/2025 09:49 PM       .      06/16/2025 10:21 PM       
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       The Conference Committee on SB 7022 recommended the following:
       
    1         Senate Conference Committee Amendment (with title
    2  amendment)
    3  
    4         Delete everything after the enacting clause
    5  and insert:
    6         Section 1. Subsections (4) and (5) of section 121.71,
    7  Florida Statutes, are amended to read:
    8         121.71 Uniform rates; process; calculations; levy.—
    9         (4) Required employer retirement contribution rates for
   10  each membership class and subclass of the Florida Retirement
   11  System for both retirement plans are as follows:
   12  
   13  Membership Class            Percentage ofGrossCompensation,EffectiveJuly 1, 2025 2024
   14  
   15  Regular Class                             7.10% 6.73%              
   16  Special Risk Class                       20.10% 18.66%             
   17  Special Risk Administrative Support Class             10.88% 11.54%             
   18  Elected Officers’ Class— Legislators, Governor, Lt. Governor, Cabinet Officers, State Attorneys, Public Defenders             10.04% 10.70%             
   19  Elected Officers’ Class— Justices, Judges             15.62% 14.90%             
   20  Elected Officers’ Class— County Elected Officers             11.79% 12.39%             
   21  Senior Management Service Class              8.73% 8.56%              
   22  DROP                                      9.37% 8.49%              
   23  
   24         (5) In order to address unfunded actuarial liabilities of
   25  the system, the required employer retirement contribution rates
   26  for each membership class and subclass of the Florida Retirement
   27  System for both retirement plans are as follows:
   28  
   29  Membership Class            Percentage ofGrossCompensation,EffectiveJuly 1, 2025 2024
   30  
   31  Regular Class                             4.87% 4.84%              
   32  Special Risk Class                       13.03% 12.07%             
   33  Special Risk Administrative Support Class             26.54% 26.22%             
   34  Elected Officers’ Class— Legislators, Governor, Lt. Governor, Cabinet Officers, State Attorneys, Public Defenders             50.56% 50.21%             
   35  Elected Officers’ Class— Justices, Judges             28.46% 28.49%             
   36  Elected Officers’ Class— County Elected Officers             40.72% 44.23%             
   37  Senior Management Service Class             22.45% 23.90%             
   38  DROP                                     10.65% 10.64%             
   39  
   40         Section 2. The Legislature finds that a proper and
   41  legitimate state purpose is served when employees, officers, and
   42  retirees of the state and its political subdivisions, and the
   43  dependents, survivors, and beneficiaries of such employees,
   44  officers, and retirees, are extended the basic protections
   45  afforded by governmental retirement systems. These persons must
   46  be provided benefits that are fair and adequate and that are
   47  managed, administered, and funded in an actuarially sound manner
   48  as required by s. 14, Article X of the State Constitution and
   49  part VII of chapter 112, Florida Statutes. Therefore, the
   50  Legislature determines and declares that this act fulfills an
   51  important state interest.
   52         Section 3. This act shall take effect July 1, 2025.
   53  
   54  ================= T I T L E  A M E N D M E N T ================
   55  And the title is amended as follows:
   56         Delete everything before the enacting clause
   57  and insert:
   58                        A bill to be entitled                      
   59         An act relating to retirement; amending s. 121.71,
   60         F.S.; revising required employer retirement
   61         contribution rates for each membership class and
   62         subclass of the Florida Retirement System; providing a
   63         declaration of important state interest; providing an
   64         effective date.