FL S1310

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

The cost-of-living adjustment factor is calculated as 3 percent multiplied by the ratio of pre-July 1, 2011 service credit to total service credit, with the new provision ensuring this factor cannot be less than 2 percent.

Includes a declaration that the legislation serves an important state interest by providing fair and adequate benefits to state and political subdivision employees and their dependents, survivors, and beneficiaries in an actuarially sound manner.

Effective date is July 1, 2021.