FL S7046

Department of Management Services must contract with a management consulting firm by September 1, 2022, and every 10 years thereafter, to conduct compensation surveys of Career Service, Senior Management Service, and Selected Exempt Service positions, comparing state pay competitiveness against public and private sector employers using geographic cost-of-living differentials, labor demand, and regional competitor compensation data

Special Risk Class members who are law enforcement officers may participate in the Deferred Retirement Option Program (DROP) for up to 36 additional calendar months beyond the standard 60-month period, provided they enter DROP on or before June 30, 2028, effective July 1, 2022

Employer retirement contribution rates for the Florida Retirement System are increased across all membership classes effective July 1, 2022, including Regular Class rising from 4.91% to 5.96%, Special Risk Class from 15.27% to 16.44%, and Senior Management Service Class from 6.49% to 7.70%

Investment plan member account allocations are increased effective July 1, 2022, with Regular Class rising from 6.30% to 9.30% of gross compensation, Special Risk Class from 14.00% to 17.00%, and Senior Management Service Class from 7.67% to 10.67%

The act includes a declaration of important state interest, affirming the Legislature's obligation to provide fair, adequate, and actuarially sound retirement benefits to state employees, officers, retirees, and their dependents as required by the Florida Constitution