Loading chat...
FL H0181
Bill
Status
Failed
5/5/2023
Primary Sponsor
Johanna Lopez
Click for details
AI Summary
- Amends s. 121.101, F.S., to establish a minimum cost-of-living adjustment (COLA) factor for Florida Retirement System members who retired on or after July 1, 2011, and who have service credit earned before July 1, 2011
- Sets a floor so the COLA factor calculated for eligible retirees and beneficiaries may not be less than 4, effectively raising the adjustment above the current formula which equals 3% multiplied by the ratio of pre-July 2011 service credit to total service credit
- Benefits under current law are adjusted annually on July 1, with the COLA factor applied to either the initial benefit (for first-time adjustments) or the most recent monthly benefit amount (for subsequent adjustments)
- Includes a legislative declaration that the act fulfills an important state interest by providing fair and adequate retirement benefits managed in an actuarially sound manner, as required by Article X, s. 14 of the State Constitution
- Effective date of July 1, 2023
Legislative Description
Cost-of-Living Adjustment of Retirement Benefits
Last Action
Died in Constitutional Rights, Rule of Law & Government Operations Subcommittee
5/5/2023
Committee Referrals
Constitutional Rights, Rule of Law & Government Operations Subcommittee1/17/2023
Full Bill Text
No bill text available