The bill amends sections 121.35 and 1012.875 of the Florida Statutes, which pertain to optional retirement programs for public postsecondary employees. It revises the contribution amounts and payment methods for these retirement programs. Specifically, it establishes a timeline for contribution rates, with changes occurring on July 1 of various years. For instance, from July 1, 2012, through June 30, 2026, members will contribute based on the employee contribution required in section 121.71(3), while employers will contribute the difference between 8.15 percent of the employee's gross monthly compensation and the required employee contribution. Starting July 1, 2026, the contribution structure will shift again, with members contributing as per section 121.71(3) and employers contributing according to sections 121.71(4) and (5).

Additionally, the bill modifies the payment process for contributions, stating that they will be made in the same manner as other retirement contributions, rather than being forwarded to a designated company. This change aims to streamline the administration of the retirement programs. The act is set to take effect on July 1, 2026.

Statutes affected:
H 1441 Filed: 121.35, 1012.875