This bill amends several sections of the Florida Statutes related to employer contributions for retiree benefits, specifically addressing the Deferred Retirement Option Program (DROP) for elected officers. It allows an officer, except while serving as a legislator, to remain in elective office and receive accumulated DROP proceeds after reaching the age of 59 1/2. Upon termination, the officer will receive their accumulated DROP account, including interest earned, and will begin receiving monthly retirement benefits. Additionally, the bill mandates that the Division of Retirement or the State Board of Administration must recoup any DROP proceeds distributed under certain circumstances if the officer has not yet terminated their employment.

The bill also revises the required employer retirement contribution rates for various membership classes within the Florida Retirement System, with specific percentage changes effective July 1, 2025. For instance, the contribution rate for the Elected Officers Class will change from 10.70% to 10.04%. The legislation includes a declaration of important state interest, emphasizing the need for fair and adequate benefits for employees, officers, and retirees of the state. The act is set to take effect on July 1, 2025.

Statutes affected:
S 7022 pb: 121.053, 121.091