FL H5705

Revises required employer retirement contribution rates for the Florida Retirement System effective July 1, 2017, reducing rates across all membership classes in the basic contribution table (Section 4).

Increases employer contribution rates for addressing unfunded actuarial liabilities across all membership classes in the supplemental contribution table (Section 5), with notable increases such as Special Risk Administrative Support Class from 22.47% to 29.08% and Elected Officers' Class (Legislators, Governor, etc.) from 33.75% to 42.69%.

Declares that ensuring fair, adequate, and actuarially sound retirement benefits for state and political subdivision employees, officers, retirees, and their dependents fulfills an important state purpose consistent with the State Constitution.

Takes effect July 1, 2017.