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FL S7018
Bill
Status
Passed
6/3/2021
Primary Sponsor
Governmental Oversight and Accountability
Click for details
AI Summary
- Revises required employer retirement contribution rates for all membership classes and subclasses of the Florida Retirement System, effective July 1, 2021
- Increases normal-cost employer contribution rates, including Regular Class from 4.84% to 4.91%, Special Risk Class from 15.13% to 15.27%, Senior Management Class from 6.39% to 6.49%, and DROP from 7.03% to 7.23%
- Increases unfunded actuarial liability (UAL) contribution rates across all classes, with notable jumps such as Regular Class from 3.44% to 4.19%, Special Risk from 7.60% to 8.90%, and Elected Officers (Legislators, Governor, Cabinet, etc.) from 48.81% to 53.52%
- Declares the act fulfills an important state interest by ensuring retirement benefits are fair, adequate, and managed in an actuarially sound manner as required by Article X, Section 14 of the State Constitution and Part VII of Chapter 112, Florida Statutes
- Takes effect July 1, 2021
Legislative Description
State-administered Retirement Systems
Last Action
Chapter No. 2021-42, companion bill(s) passed, see SB 2500 (Ch. 2021-36)
6/3/2021
Committee Referrals
Appropriations2/18/2021
Governmental Oversight and Accountability1/25/2021
Full Bill Text
No bill text available