This bill amends section 121.101 of the Florida Statutes to revise the annual cost-of-living adjustment for retirement benefits within the Florida Retirement System. It establishes new calculations for adjusting benefits for retirees and beneficiaries, particularly focusing on those whose retirement dates fall before and after July 1, 2025. For retirees with effective retirement dates before July 1, 2025, the adjustment will be based on a calculated cost-of-living factor that cannot be below 2 percent starting July 1, 2025. For those retiring on or after that date, the adjustment will also be set at a minimum of 2 percent, with specific calculations outlined for both groups regarding their initial benefits and previous adjustments.

Additionally, the bill includes a declaration of important state interest, emphasizing the necessity of providing fair and adequate retirement benefits to state employees, retirees, and their beneficiaries. The act is set to take effect on July 1, 2025, ensuring that the new adjustments and calculations are implemented in a timely manner.