FL H5007

Amends section 121.71, Florida Statutes, to revise employer retirement contribution rates for all Florida Retirement System membership classes effective July 1, 2020

Increases Regular Class employer contribution rate from 3.19% to 4.84% and Special Risk Class from 12.61% to 15.13% of gross compensation

Raises contribution rates for elected officials, including legislators/governor/cabinet officers (6.67% to 8.38%), justices/judges (12.30% to 13.31%), and county elected officers (8.73% to 10.07%)

Adjusts unfunded actuarial liability contribution rates, with some classes increasing and others decreasing (Special Risk decreases from 11.15% to 7.60%; Special Risk Administrative Support decreases from 33.26% to 24.23%)

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