FL H0665

Amends s. 121.101, Florida Statutes to establish a minimum cost-of-living adjustment (COLA) factor for Florida Retirement System members who retired on or after July 1, 2011

Sets the COLA factor minimum at 2 percent (rather than potentially lower amounts) for retirees and beneficiaries retiring on or after July 1, 2011 with service credit earned before July 1, 2011

The COLA factor is calculated as 3 percent multiplied by the ratio of pre-July 1, 2011 service credit to total service credit, but cannot fall below 2 percent under this amendment

Declares that providing fair and adequate retirement benefits to state employees, retirees, and their beneficiaries serves an important state interest in accordance with the State Constitution and Florida Statutes

Effective date: July 1, 2018