FL S7016

Revises required employer retirement contribution rates for all Florida Retirement System membership classes effective July 1, 2019, replacing the 2018 rates

Increases Regular Class employer contribution from 3.04% to 3.19% and Special Risk Class from 12.18% to 12.53% of gross compensation

Adjusts unfunded actuarial liability contribution rates, including Regular Class from 3.50% to 3.56% and Special Risk Administrative Support Class from 29.62% to 33.26%

Senior Management Service Class unfunded liability rate increases from 17.89% to 19.09%, and DROP rate increases from 7.96% to 8.24%

Declares the act fulfills an important state interest by ensuring retirement benefits are managed and funded in an actuarially sound manner as required by the State Constitution