FL S1034

Authorizes correctional officers meeting criteria in s. 121.0515(3)(c) to extend Deferred Retirement Option Program (DROP) participation for an additional 36 calendar months beyond the standard 60-month period if they enter DROP on or before June 30, 2028.

Increases required employer contribution rates to the Florida Retirement System: Special Risk Class by 0.13 percentage point, DROP by 0.06 percentage point, and Regular Class unfunded actuarial liability by 0.19 percentage point, effective July 1, 2023.

Directs the Division of Law Revision to adjust contribution rates in s. 121.71, Florida Statutes, to reflect the increases mandated by this act.

Declares that extending retirement benefits to state and local government employees serves a legitimate state purpose and fulfills an important state interest in providing fair, adequate, and actuarially sound retirement protections.

Takes effect July 1, 2023.