The bill amends various sections of Florida Statutes related to state-administered retirement systems, specifically focusing on the Elected Officers' Class and the Senior Management Service Class. It requires certain holders of elective office to participate in the Senior Management Service Class, with an exception for those who have assumed office by appointment, as they may not participate until they are elected or reelected. Additionally, the bill revises the membership criteria for the Elected Officers' Class, making participation compulsory for certain elected officers and updating the language to reflect these changes.

Furthermore, the bill adjusts the required employer retirement contribution rates for various membership classes within the Florida Retirement System, effective July 1, 2025. Notably, the contribution rate for the Elected Officers' Class is increased from 14.90% to 15.62%, while the rates for other classes are also modified. The bill includes a declaration of important state interest, emphasizing the need for fair and adequate benefits for employees and retirees of the state and its political subdivisions. Overall, the legislation aims to enhance the structure and funding of retirement benefits for elected officials in Florida.

Statutes affected:
H 5007 Filed: 121.055