This bill amends sections 121.051 and 121.35 of the Florida Statutes to establish new employer contribution rates for optional retirement programs associated with public community colleges and the State University System. Specifically, it mandates that starting July 1, 2026, the employer contribution rate for these optional retirement programs will be equal to the employer contribution rate established for participants in the Florida Retirement System Investment Plan. Additionally, the bill requires that contributions be remitted to designated providers in the same manner as other retirement contributions.

The bill also makes several adjustments to the existing contribution structure, including the deletion of previous percentage-based calculations for employer contributions. It clarifies that contributions must be made in a specified manner and outlines the effective date of these changes as July 1, 2026. Overall, the legislation aims to align the employer contributions for optional retirement programs with those of the Florida Retirement System Investment Plan, ensuring consistency and clarity in the retirement benefits for eligible employees.

Statutes affected:
S 1410 Filed: 121.051, 121.35