FL S7042

Allows retirees reemployed on or after July 1, 2016, in regularly established positions to renew membership in the Florida Retirement System's investment plan, with no service credit or contributions accruing for employment from July 1, 2010, through June 30, 2016.

Renewed members are ineligible for disability benefits, cannot purchase past service credit, and must satisfy vesting requirements to receive retirement benefits.

Retirees reemployed on or after July 1, 2016, in positions eligible for the State University System or State Community College System Optional Retirement Programs become renewed members of those respective programs.

Requires employers to make both employer and employee contributions for military service credit earned on or after July 1, 2015, rather than requiring only employee contributions.

Increases Florida Retirement System employer contribution rates effective July 1, 2016, across all membership classes to fund the benefit changes, with specific percentage point adjustments to be determined.