FL H5005

Revises employer retirement contribution rates effective July 1, 2016 for all Florida Retirement System membership classes, including increases for Regular Class (2.91% to 2.97%), Special Risk Class (remains 11.35%), and Senior Management Class (4.32% to 4.38%)

Adjusts unfunded actuarial liability contribution rates, with some decreases including Special Risk Administrative Support Class (27.54% to 22.47%) and Elected Officers' Class for legislators/governor/cabinet (37.62% to 33.75%)

Increases the employer assessment rate for administrative and educational costs from 0.04% to 0.06% of payroll effective July 1, 2016

Corrects a statutory reference to direct employer assessments for administrative expenses to the State Board of Administration's Administrative Trust Fund rather than the Florida Retirement System Investment Plan Trust Fund

Effective date of July 1, 2016