FL S7122

Increases retiree health insurance subsidy employer contribution rate from 1.11% to 1.25% of gross compensation, effective July 1, 2013, for all state-administered retirement plan members.

Updates employer retirement contribution rates for Florida Retirement System membership classes effective July 1, 2013, with rates varying by class (Regular Class 3.53%, Special Risk Class 11.00%, Elected Officers' Class ranging from 6.52% to 10.05%, Senior Management Class 4.81%).

Establishes significantly increased employer contribution rates to address unfunded actuarial liabilities, effective July 1, 2013, ranging from 2.19% for Regular Class to 30.56% for Special Risk Administrative Support Class.

Applies contribution rate changes to all Florida Retirement System membership classes including Regular Class, Special Risk Class, Elected Officers' Class, Senior Management Service Class, and Deferred Retirement Option Plan (DROP) participants.

Effective date is July 1, 2013.