SB 2100 - Florida Retirement System Reforms (2011)

• Renamed Programs: Changed "Public Employee Optional Retirement Program" to "Florida Retirement System Investment Plan" and "defined benefit program" to "Florida Retirement System Pension Plan" throughout the statute for clarity.

• Employee Contributions: Effective July 1, 2011, employees must contribute 3% of gross compensation to both retirement plans, with employers deducting contributions from employee salary and treating them as employer-paid contributions under federal tax law.

• Increased Normal Retirement Ages: Members initially enrolled on or after July 1, 2011, must reach age 65 (instead of 62) for Regular Class or age 60 (instead of 55) for Special Risk Class, and complete 33 years (instead of 30 years) of service for normal retirement.

• Extended Vesting Requirements: Members hired on or after July 1, 2011, must complete 8 years of creditable service to vest, compared to 6 years for prior members.

• Contribution Rate Changes: Established new employer contribution rates and unfunded actuarial liability rates for FY 2011-2012 and beyond to address the system's unfunded liabilities.