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FL S7024
Bill
Status
Introduced
1/10/2024
Primary Sponsor
Governmental Oversight and Accountability
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AI Summary
- Revises required employer retirement contribution rates for all membership classes and subclasses of the Florida Retirement System, effective July 1, 2024, replacing the rates set in 2023
- Decreases the Regular Class employer retirement contribution rate from 6.73% to 6.70% and the Special Risk Class rate from 18.66% to 18.39% of gross compensation
- Adjusts unfunded actuarial liability (UAL) contribution rates, with some classes seeing slight increases (e.g., Regular Class from 4.78% to 4.81%) and others seeing decreases (e.g., Senior Management Service Class from 23.90% to 22.72%)
- Increases the Elected Officers' Class rate for Legislators, Governor, Lt. Governor, Cabinet Officers, State Attorneys, and Public Defenders from 10.45% to 10.68%, while decreasing their UAL rate from 50.21% to 49.81%
- Includes a declaration of important state interest, affirming that retirement benefits for state employees, officers, retirees, and their dependents must be fair, adequate, and funded in an actuarially sound manner as required by the Florida Constitution
Legislative Description
Employer Contributions to Fund Retiree Benefits
Last Action
Laid on Table, refer to CS/HB 151
2/8/2024
Full Bill Text
No bill text available