FL S1354

Establishes a minimum cost-of-living adjustment (COLA) factor of 4 percent for Florida Retirement System retirees and beneficiaries retiring on or after July 1, 2011, who have service credit earned before July 1, 2011.

Modifies the COLA calculation in section 121.101, Florida Statutes, to ensure the factor cannot fall below 4 percent regardless of the ratio of pre-July 1, 2011 service credit to total service credit.

Declares that providing fair and adequate retirement benefits to state employees, retirees, and their beneficiaries serves an important state interest consistent with the Florida Constitution and state law.

Takes effect July 1, 2023.