FL H5007

Amends section 121.71, Florida Statutes to revise required employer retirement contribution rates for all Florida Retirement System membership classes and subclasses, effective July 1, 2018.

Updates base retirement contribution rates in subsection (4), including increases for Regular Class (2.90% to 3.04%), Special Risk Class (11.86% to 12.18%), and Elected Officers' classes ranging from 6.45% to 12.00%.

Establishes higher contribution rates in subsection (5) to address unfunded actuarial liabilities, with rates ranging from 3.50% for Regular Class to 48.38% for certain Elected Officers' classes.

Declares that providing fair, adequate, and actuarially sound benefits to state employees, officers, retirees, and their dependents serves an important state interest as required by the State Constitution and Florida Statutes.

Effective date is July 1, 2018.