FL S7056

Reduces employer contribution rates for community college and state university optional retirement program participants from 10.43 percent to 8.15 percent of gross monthly compensation, effective July 1, 2012.

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

Adjusts required employer retirement contribution rates for all Florida Retirement System membership classes for fiscal years 2012-2013, with increases to unfunded actuarial liability contributions ranging from 0.49 percent to 27.18 percent depending on membership class.

Modifies allocations from the Florida Retirement System Contributions Clearing Trust Fund to investment plan member accounts effective July 1, 2012, with reductions ranging from 2.70 percent to 5.57 percent across membership classes.

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