FL S1780

Renames the "Florida Retirement System Investment Plan" to the "Public Employee Optional Retirement Program" throughout statutes and implements conforming terminology changes.

Eliminates mandatory employee contributions to the Florida Retirement System effective July 1, 2012, making the system employer-funded only; retroactively refunds employee contributions made between July 1, 2011 and June 30, 2012 with interest at actuarial assumption rates.

Revises normal retirement age requirements for Regular Class members from age 62 to return to the pre-2011 standard of age 62 with 6+ years of service or 30 years of service regardless of age; eliminates higher thresholds established for members enrolled after July 1, 2011.

Modifies Special Risk Class membership definitions and criteria, codifying various job categories (law enforcement, firefighters, correctional officers, emergency medical technicians, paramedics, and others) with specific occupational and certification requirements.

Updates employer contribution rates for fiscal years 2012-2013 to address unfunded actuarial liabilities, with rates varying by membership class (e.g., Regular Class increases to 8.69%-9.63%, Special Risk Class to 19.76%-22.11%).