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