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 notable increases for several classes. For instance, the Regular Class contribution rate will rise from 6.73% to 7.10%, while the Special Risk Class will see an increase from 18.66% to 20.10%. Other classes, such as the Elected Officers Class for Legislators and the Senior Management Service Class, will also experience similar adjustments.

Additionally, 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. The act is set to take effect on July 1, 2025.

Statutes affected:
S 7022 Filed: 121.053, 121.091