FL S2006

Reduces employer contribution rates for community college and State University System optional retirement program members from 10.43% to 8.15% of gross monthly compensation effective July 1, 2012.

Lowers employer contribution for Senior Management Service Class optional annuity program members from 12.49% to 9.27% of gross monthly compensation effective July 1, 2012.

Adjusts normal cost employer retirement contribution rates for all Florida Retirement System membership classes effective July 1, 2012 and July 1, 2013, with increases to unfunded actuarial liability contribution rates for most classes.

Reduces allocations from the Florida Retirement System Contributions Clearing Trust Fund to investment plan member accounts effective July 1, 2012, ranging from 6.30% to 14.00% of gross compensation depending on membership class.

Declares that the act serves an important state interest by providing fair, adequate, and actuarially sound retirement benefits to state and local government employees, effective July 1, 2012.