HB 5701: Health Insurance Subsidies

• Eliminates retiree health insurance subsidy eligibility effective July 1, 2010, for new retirees and beneficiaries; terminates all monthly subsidy payments by December 31, 2010, and transfers remaining assets to the Florida Retirement System Trust Fund.

• Reduces employer contribution rates for health insurance subsidies to 0% effective July 1, 2010, across all state-administered retirement plans (Elected Officers', Senior Management Service, Regular, Special Risk, and Special Risk Administrative Support Classes).

• Removes health insurance subsidy eligibility from catastrophically injured law enforcement officers and firefighters covered under sections 112.19 and 112.191, restricting them from receiving chapter 121 subsidy benefits.

• Reduces employer contribution percentages in optional retirement programs effective July 1, 2010: State Community College System (10.43% to 9.49%), Senior Management Service (12.49% to 11.55%), and State University System (10.43% to 9.49%).

• Prohibits employees who terminate DROP participation on or after June 1, 2010, from receiving retiree health insurance subsidy payments.