FL S2506

Increases employer contribution to retiree health insurance subsidy from 1.20% to 1.30% of gross compensation effective July 1, 2014 for all state-administered retirement plan members.

Adjusts required employer retirement contribution rates for Florida Retirement System membership classes effective July 1, 2014, with varying changes across Regular Class, Special Risk Class, Elected Officers' Class, Senior Management Service Class, and DROP.

Increases employer assessment for administrative and educational expenses from 0.03% to 0.04% of payroll effective July 1, 2014 to offset investment plan administration and member education costs.

Revises statutory terminology in section 121.74 to refer to employer contributions as "employer assessment" rather than "contribution rate."

Effective date is July 1, 2014.