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 effective date for these changes is set for July 1, 2025. Notable adjustments include an increase in the contribution rates for the Regular Class from 6.73% to 7.10%, the Special Risk Class from 18.66% to 20.10%, and the Elected Officers Class for Legislators and similar officials from 10.70% to 10.04%. Additionally, the bill addresses unfunded actuarial liabilities by adjusting the contribution rates for several classes, such as the Special Risk Administrative Support Class, which will see an increase from 26.22% to 26.54%.

Furthermore, the bill includes a declaration of important state interest, emphasizing the necessity of providing fair and adequate benefits to employees, officers, retirees, and their beneficiaries through sound management and funding of retirement systems. This declaration reinforces the state's commitment to ensuring that retirement benefits are actuarially sound, as mandated by the state constitution and relevant statutes. The act is set to take effect on July 1, 2025.

Statutes affected:
S 7022 Filed: 121.053, 121.091