This bill amends several sections of the Florida Statutes related to retirement, specifically focusing on the Deferred Retirement Option Program (DROP) and the benefits for elected officers. It allows elected officers, except while serving as legislators, to remain in office and receive their accumulated DROP proceeds after reaching the age of 59 1/2. The bill also stipulates that upon termination, these officers will receive their accumulated DROP account, including interest earned, and will begin receiving monthly retirement benefits. Additionally, the Division of Retirement or the State Board of Administration is required to recoup any DROP proceeds distributed under certain circumstances if the officer has not yet terminated their employment.

Furthermore, the bill revises the cost-of-living adjustments for eligible Special Risk Class retirees and updates the required employer retirement contribution rates for various membership classes within the Florida Retirement System. The contribution rates for different classes, including the Elected Officers Class, are adjusted to reflect new percentages effective July 1, 2026. The legislation also includes a declaration of important state interest, emphasizing the need for fair and adequate benefits for state employees and retirees. The act is set to take effect on July 1, 2026.

Statutes affected:
S 7028 pb: 121.053, 121.091