Florida 2023 Regular Session

Florida House Bill H0181 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
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3	3	HB 181 2023
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7	7	CODING: Words stricken are deletions; words underlined are additions.
8	8	hb0181-00
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10	10	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
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14	14	A bill to be entitled 1
15	15	An act relating to cost -of-living adjustment of 2
16	16	retirement benefits; amending s. 121.101, F.S.; 3
17	17	specifying the minimum amount of the factor used to 4
18	18	calculate the cost-of-living adjustment of benefits 5
19	19	for certain retirees and beneficiaries of the Florida 6
20	20	Retirement System; providing a declaration of 7
21	21	important state interest; providing an effective date. 8
22	22	9
23	23	Be It Enacted by the Legislature of the Stat e of Florida: 10
24	24	11
25	25	Section 1. Subsection (4) of section 121.101, Florida 12
26	26	Statutes, is amended to read: 13
27	27	121.101 Cost-of-living adjustment of benefits. — 14
28	28	(4) For members whose effective retirement date is on or 15
29	29	after July 1, 2011, the benefit of each reti ree and annuitant 16
30	30	shall be adjusted annually on July 1 as follows: 17
31	31	(a) For those retirees and annuitants who have never 18
32	32	received a cost-of-living adjustment under this subsection, the 19
33	33	amount of the monthly benefit payable for the 12 -month period 20
34	34	commencing on the adjustment date shall be the amount of the 21
35	35	member's initial benefit plus an amount equal to a percentage of 22
36	36	the member's initial benefit. This percentage is derived by 23
37	37	dividing the number of months the member has received an initial 24
38	38	benefit by 12, and multiplying the result by the factor 25
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40	40	HB 181 2023
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44	44	CODING: Words stricken are deletions; words underlined are additions.
45	45	hb0181-00
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47	47	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
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51	51	calculated pursuant to paragraph (c). 26
52	52	(b) For those retirees and annuitants who have received a 27
53	53	cost-of-living adjustment under this subsection, the adjusted 28
54	54	monthly benefit shall be the amount of the monthly be nefit being 29
55	55	received on June 30 immediately preceding the adjustment date 30
56	56	plus an amount determined by multiplying the benefit by the 31
57	57	factor calculated pursuant to paragraph (c). 32
58	58	(c) The department shall calculate a cost -of-living factor 33
59	59	for each retiree and beneficiary retiring on or after July 1, 34
60	60	2011. This factor shall equal the product of 3 percent 35
61	61	multiplied by the quotient of the sum of the member's service 36
62	62	credit earned for service before July 1, 2011, divided by the 37
63	63	sum of the member's total servi ce credit earned. However, for a 38
64	64	retiree and beneficiary retiring on or after July 1, 2011, with 39
65	65	service credit earned before July 1, 2011, the factor calculated 40
66	66	pursuant to this paragraph may not be a product of less than 4. 41
67	67	Section 2. The Legislature finds that a proper and 42
68	68	legitimate state purpose is served when employees and retirees 43
69	69	of the state and its political subdivisions, and the dependents, 44
70	70	survivors, and beneficiaries of such employees and retirees, are 45
71	71	extended the basic protections afforde d by governmental 46
72	72	retirement systems. These persons must be provided benefits that 47
73	73	are fair and adequate and that are managed, administered, and 48
74	74	funded in an actuarially sound manner, as required by s. 14, 49
75	75	Article X of the State Constitution and part VII o f chapter 112, 50
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77	77	HB 181 2023
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81	81	CODING: Words stricken are deletions; words underlined are additions.
82	82	hb0181-00
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84	84	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
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88	88	Florida Statutes. Therefore, the Legislature determines and 51
89	89	declares that this act fulfills an important state interest. 52
90	90	Section 3. This act shall take effect July 1, 2023. 53