FL H5005

Revises required employer contribution rates for Florida Retirement System membership classes effective July 1, 2013, with rates varying by class (Regular Class at 3.53%, Special Risk Class at 11.00%, and other classes at specified percentages)

Establishes unfunded actuarial liability contribution rates for each membership class to address system obligations, ranging from 2.02% for Regular Class to 27.18% for Elected Officers (Legislators, Governor, Cabinet Officers, State Attorneys, Public Defenders)

Declares that the act serves an important state interest by ensuring governmental retirement system employees and retirees receive fair, adequate benefits managed in an actuarially sound manner as required by the State Constitution and Florida Statutes

Takes effect July 1, 2013