FL S7014

Authorizes retirees employed on or after July 1, 2016, to renew membership in the Florida Retirement System, reversing a prior prohibition on renewed membership for retirees initially reemployed between July 1, 2010, and June 30, 2016.

Renewed members enrolled in the investment plan cannot accrue creditable service or receive employer/employee contributions for employment from July 1, 2010, through June 30, 2016, and are prohibited from purchasing past service for that period.

Renewed members are ineligible to receive disability benefits and must satisfy vesting requirements to receive retirement benefits; however, they may earn additional credit toward health insurance subsidies.

Requires employers to pay both employer and employee contributions for military service credit earned on or after July 1, 2016, rather than only employee contributions made prior to that date.

Increases employer contribution rates effective July 1, 2016, across multiple Florida Retirement System classes, ranging from 0.00 to 1.01 percentage points, to fund the renewed membership provisions.