The bill amends section 121.71 of the Florida Statutes to revise the required employer retirement contribution rates for various membership classes and subclasses within the Florida Retirement System. The changes include adjustments to the contribution percentages effective July 1, 2025, with increases for several classes, such as the Regular Class from 6.73% to 7.10%, and the Special Risk Class from 18.66% to 20.10%. Other classes also see similar adjustments, with the Elected Officers Class for Legislators and other officials increasing from 10.70% to 10.04%, and the Senior Management Service Class from 8.56% to 8.73%.

Additionally, the bill includes a declaration of important state interest, emphasizing the necessity of providing fair and adequate retirement benefits to employees, officers, and retirees of the state and its political subdivisions. It asserts that these benefits must be managed and funded in an actuarially sound manner, in accordance with constitutional requirements. The act is set to take effect on July 1, 2025.

Statutes affected:
S 7022 Filed: 121.053, 121.091