HB 1023 Summary

• Amends Florida Statutes section 121.101 to establish a minimum cost-of-living adjustment (COLA) factor of 2 percent for Florida Retirement System retirees and beneficiaries who retired on or after July 1, 2011 and have service credit earned before July 1, 2011.

• COLA calculation for affected retirees equals 3 percent multiplied by the ratio of pre-July 1, 2011 service credit to total service credit, but cannot be less than 2 percent.

• Applies annually to benefit adjustments made on July 1 for both first-time COLA recipients and those who have previously received adjustments.

• Legislature declares the act serves an important state purpose by ensuring fair and adequate benefits for state and local government employees, retirees, and their survivors in an actuarially sound manner.

• Effective date: July 1, 2021.