FL S7042

Corrects reference in the Florida Retirement System Investment Plan to transfer employer contributions for administrative and educational expenses to the state board's Administrative Trust Fund instead of the Florida Retirement System Investment Plan Trust Fund.

Revises required employer retirement contribution rates for all membership classes and subclasses of the Florida Retirement System, effective July 1, 2016, with increases ranging from 0.06% to 5.15% depending on membership class.

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

Declares that extending fair, adequate, and actuarially sound retirement benefits to state and political subdivision employees, officers, and retirees serves an important state interest under the State Constitution and Florida law.

Takes effect July 1, 2016.