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. Upon termination, these officers will receive their accumulated DROP account, including interest earned. Additionally, the bill mandates that the Division of Retirement or the State Board of Administration must recoup any DROP proceeds distributed to an elected officer under certain conditions, particularly if the distribution occurred before the officer's termination.

The bill also 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. Notably, it establishes new contribution rates effective July 1, 2026, and includes a declaration of important state interest regarding the management and funding of retirement benefits. The act is set to take effect on July 1, 2026.

Statutes affected:
S 7028 Filed: 121.053, 121.091