The bill amends section 121.71 of the Florida Statutes to revise the required employer retirement contribution rates for various membership classes and subclasses within the Florida Retirement System. The effective date for these changes is set for July 1, 2026. Notable adjustments include a decrease in the contribution rates for the Regular Class from 7.10% to 7.11%, and for the Special Risk Class from 20.10% to 19.93%. Other classes, such as the Elected Officers' Class for Legislators and the Governor, will see an increase from 10.04% to 10.30%.

Additionally, the bill addresses unfunded actuarial liabilities by further adjusting the contribution rates for each membership class, with the Regular Class rate changing from 4.87% to 4.42% and the Special Risk Class from 13.03% to 12.60%. The legislation also includes a declaration of important state interest, emphasizing the need for fair and adequate benefits for employees, officers, and retirees of the state and its political subdivisions, as well as their dependents and beneficiaries. The act is set to take effect on July 1, 2026.