FL S7014

Increases required employer retirement contribution rates for Florida Retirement System members effective July 1, 2018, across all membership classes and subclasses.

Raises base contribution rates for Regular Class from 2.90% to 3.04%, Special Risk Class from 11.86% to 12.18%, and Senior Management Class from 4.29% to 4.45% of gross compensation.

Increases unfunded actuarial liability contribution rates for Regular Class from 3.30% to 3.50%, Special Risk Class from 9.69% to 10.60%, and Elected Officers (Legislators/Governor/Cabinet) from 42.69% to 48.38% of gross compensation.

Declares a state interest in providing employees, officers, and retirees with fair and adequate benefits managed in an actuarially sound manner as required by the State Constitution.

Takes effect July 1, 2018.