FL S1764

Increases retiree health insurance subsidy from $5 per year of creditable service to $6 per year beginning January 1, 2011, and to $7 per year beginning January 1, 2012, for both defined benefit and Public Employee Optional Retirement Program participants.

Raises minimum monthly subsidy payment from $30 to $36 (effective January 1, 2011) and to $42 (effective January 1, 2012), and increases maximum payment from $150 to $180 (effective January 1, 2011) and to $210 (effective January 1, 2012).

Increases employer contribution to the Retiree Health Insurance Subsidy Trust Fund from 1.11 percent of gross compensation to 1.75 percent effective January 1, 2011.

Protects existing retirees receiving subsidies on January 1, 2010, from having their subsidy amounts reduced solely due to the implementation of this act.

Establishes legislative findings affirming that providing fair and adequate retirement benefits to state employees, retirees, and their beneficiaries serves a legitimate state purpose.