FL S0722

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

Sets the minimum COLA factor at 2 percent for retirees and beneficiaries retiring on or after July 1, 2011 who have service credit earned before July 1, 2011.

Maintains the existing COLA calculation method based on 3 percent multiplied by the ratio of pre-July 1, 2011 service credit to total service credit, but ensures the result is never less than 2 percent.

Includes a legislative declaration stating that the bill serves the important state purpose of providing fair and adequate retirement benefits to state and local government employees and their dependents in an actuarially sound manner.

Effective date is July 1, 2018.