This bill amends various sections of the Florida Statutes concerning retirement, particularly the Deferred Retirement Option Program (DROP) and benefits for elected officials and Special Risk Class retirees. It allows elected officers, excluding their time as legislators, to remain in office and access their accumulated DROP proceeds after reaching the age of 59 1/2. Upon termination, these officers will receive their DROP proceeds, including interest, while the Division of Retirement or the State Board of Administration is mandated to recover any DROP proceeds distributed under specific conditions. The bill also revises cost-of-living adjustments for eligible Special Risk Class retirees and updates employer retirement contribution rates for different membership classes within the Florida Retirement System.

Additionally, the bill introduces new provisions for disability coverage and line-of-duty death benefits for members of the investment plan of the Florida Retirement System, along with adjustments to required allocations from the Contributions Clearing Trust Fund. It establishes specific contribution rates for various classes and subclasses of the retirement system, effective July 1, 2026, and underscores the importance of providing fair benefits to state employees, officers, retirees, and their beneficiaries. The bill also includes new legal language that asserts the act fulfills an important state interest under part VII of chapter 112 of the Florida Statutes, and it specifies that the act will take effect on July 1, 2026, ensuring stakeholders are informed of the implementation timeline.

Statutes affected:
S 7028 Filed: 121.053, 121.091
S 7028 c1: 121.053, 121.091, 121.73, 121.735