CS for SB 2022 - Florida Retirement System

• Converts the Florida Retirement System from a noncontributory to a contributory system, requiring employees to contribute 0.25% of gross compensation starting January 1, 2011, with employer contributions ranging from 0.03% to 19.75% depending on membership class.

• Establishes that member rights are contractual in nature as of January 1, 2011, and modifies termination definitions to require 3 calendar months of separation for refund eligibility, increasing from prior 1-6 month standards.

• Implements refund provisions for members who terminate employment without retiring, allowing return of employee contributions but not employer contributions, while members who obtain refunds waive all FRS rights except prior service purchase.

• Restricts benefit distributions from optional retirement programs to only occur after termination of employment, prohibiting hardship withdrawals, loans, and other pre-termination distributions.

• Applies $445,125 in appropriations and authorizes eight full-time positions for the Division of Retirement to implement the contributory system changes effective July 1, 2010.