CS for SB 7024 Summary

• Beginning July 1, 2023, eligible retirees of the Florida Retirement System Pension Plan receive monthly health insurance subsidies calculated at $7.50 per year of creditable service, with payments capped between $45-$225 per month.

• Employer contribution rates for retiree health insurance subsidies increase to 2.00% of gross compensation effective July 1, 2023, for all state-administered retirement plan members.

• Deferred Retirement Option Program (DROP) maximum participation period increases from 60 to 96 calendar months, with interest accrual rates rising from 1.3% to 4% annually beginning July 1, 2023.

• Special Risk Class members' normal retirement date requirements decrease from age 60 to age 55 with 30 years of service (or age 57 with 30 years of service), reverting to earlier enrollment standards for qualifying members.

• Investment plan member account allocations and disability/line-of-duty death benefit coverage percentages increase across all membership classes effective July 1, 2023.