This bill amends several sections of the Florida Statutes related to retirement, specifically focusing on the Deferred Retirement Option Program (DROP) for elected officers. It allows officers, except while serving as legislators, to remain in elective office and receive their accumulated DROP proceeds after reaching the age of 59 1/2 years. Additionally, upon termination, these officers will receive their accumulated DROP account, including interest earned, and will begin receiving monthly retirement benefits. The bill also introduces a requirement for the Division of Retirement or the State Board of Administration to recoup any DROP proceeds distributed to an elected officer under certain circumstances, particularly if the distribution occurred before the officer's termination.

Furthermore, the bill revises the required employer retirement contribution rates for various membership classes within the Florida Retirement System, with specific percentage changes noted for each class effective July 1, 2025. 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 and its political subdivisions. The act is set to take effect on July 1, 2025.

Statutes affected:
S 7022 Filed: 121.053, 121.091