This document does not reflect the intent or official position of the bill sponsor or House of Representatives.
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DATE: 6/8/2023
HOUSE OF REPRESENTATIVES STAFF FINAL BILL ANALYSIS
BILL #: CS/CS/HB 239 Florida Retirement System
SPONSOR(S): Appropriations Committee and Constitutional Rights, Rule of Law & Government Operations
Subcommittee, Busatta Cabrera, Casello, and others
TIED BILLS: IDEN./SIM. BILLS: CS/SB 7024
FINAL HOUSE FLOOR ACTION: 112 Y’s
0 N’s GOVERNOR’S ACTION: Approved
SUMMARY ANALYSIS
CS/CS/HB 239 passed the House on May 5, 2023, as CS/SB 7024, as amended by the conference committee.
The bill conforms the law to the House proposed 2023-2024 General Appropriations Act (GAA) as retirement
contributions are included in the GAA.
The Florida Retirement System (FRS) is a multiple-employer, contributory plan that provides retirement income
benefits for employees of state and county government agencies, district school boards, state colleges and
universities. It also serves as the retirement plan for employees of the cities, special districts, and independent
hospitals that have elected to join the system. Members of the FRS have two plan options available for
participation: the pension plan, which is a defined benefit plan, and the investment plan, which is a defined
contribution plan. The FRS Deferred Retirement Option Program (DROP) allows eligible pension plan
members to participate in the program and defer receipt of retirement benefits while continuing employment
with his or her FRS employer.
The Department of Management Services must compile an annual actuarial valuation of the FRS and report
the results to the Legislature by December 31 of each year. Thereafter, the Legislature uses the results of the
actuarial valuation to establish uniform employer contribution rates during the next legislative session to ensure
the FRS is funded in a sound actuarial manner.
The bill:
Increases the employer-funded allocations to investment plan accounts by 2 percent for each
membership class.
Increases the monthly retiree health insurance subsidy from $5 to $7.50 for each year of service.
Restores the pre-2011 normal retirement age and years of service for Special Risk Class members.
Revises DROP by removing age restrictive entry windows to enter DROP for all members that have
met normal retirement requirements, increasing the amount of time all eligible members can participate
in DROP, and increasing the amount of monthly interest applied to a member’s DROP account.
Adjusts the employer contribution rates for the FRS based on certain actuarial studies.
Increases allocations for member disability coverage and line-of-duty death benefits.
Declares that the act fulfills an important state interest.
The application of the rates will have a significant fiscal impact to funds appropriated by the Legislature
associated with employee salaries and benefits. Provisions of the bill relating to employer retirement
contribution rates will increase the amounts FRS employers must pay for employee retirement benefits. See
Fiscal Comments.
The bill was approved by the Governor on June 5, 2023, ch. 2023-193, L.O.F., and became effective on that
date except as otherwise provided.
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I. SUBSTANTIVE INFORMATION
A. EFFECT OF CHANGES:
Background
Florida Retirement System
The Florida Retirement System (FRS) was established in 1970 when the Legislature consolidated the
Teachers’ Retirement System, the State and County Officers and Employees’ Retirement System, and
the Highway Patrol Pension Fund. In 1972, the Judicial Retirement System was consolidated into the
FRS, and in 2007, the Institute of Food and Agricultural Sciences Supplemental Retirement Program
was consolidated under the Regular Class of the FRS as a closed group. The FRS was amended in
1998 to add the Deferred Retirement Option Program (DROP) under the defined benefit plan and
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amended in 2000 to provide a defined contribution plan alternative to the defined benefit plan for FRS
members effective July 1, 2002.
1
The FRS is a multiple-employer, contributory plan
2
governed by the Florida Retirement System Act.
3
As
of June 30, 2022, the FRS provides retirement income benefits to 629,073 active members,
4
448,846
retired members and beneficiaries, and 28,827 members in DROP.
5
It is the primary retirement plan for
employees of state and county government agencies, district school boards, state colleges, and state
universities. The FRS also serves as the retirement plan for the employees of the 180 cities, 153
special districts, and two independent hospitals that have elected to join the system.
6
The FRS is a low-cost system compared to other retirement systems. The cost to administer the FRS in
2022 was $19 per active member and annuitant compared to the peer average of $115 for other similar
pension systems. Further, the number of staff to administer the FRS is 1.3 positions per 10,000
members versus an average of 3.4 per 10,000 members of other similar retirement systems.
7
Membership of the FRS is divided into the following membership classes:
8
Regular Class
9
consists of 537,128 members (85.38 percent of the total 2022 FRS
membership). This class is for all members who are not assigned to another class.
Special Risk Class
10
includes 72,925 members (11.59 percent). This class is for members
employed as law enforcement officers, firefighters, correctional officers, probation officers,
paramedics and emergency medical technicians, among others.
Special Risk Administrative Support Class
11
has 104 members (0.017 percent). This class is for
former Special Risk Class members who provide administrative support within an FRS special
risk employing agency. Members of this class must maintain the certification required for their
former Special Risk Class position and be subject to recall into those positions if needed.
Elected Officers’ Class
12
has 2,095 members (0.33 percent). This class is for elected state and
county officers, and for those elected municipal or special district officers whose governing body
has chosen Elected Officers’ Class participation for its elected officers.
Senior Management Service Class
13
has 7,875 members (1.24 percent). This class is for
members who fill senior management level positions assigned by law to the Senior
Management Service Class or authorized by law as eligible for Senior Management Service
Class designation.
Each class is funded separately based upon the costs attributable to the members of that class.
Members of the FRS have two primary plan options available for participation:
The investment plan, which is a defined contribution plan; and
The pension plan, which is a defined benefit plan.
1
DMS Florida Retirement System Pension Plan And Other State Administered Systems Comprehensive Annual
Comprehensive Financial Report Fiscal Year Ended June 30, 2022, at p. 35. A copy of the report can be found online at:
http://www.dms.myflorida.com/workforce_operations/retirement/publications/annual_reports [hereinafter Annual Report]
(Last visited Mar. 22, 2023).
14
Annual Report, supra note 1, at 260.
15
Annual Report, supra note 1, at 261.
Total FRS Membership by Plan
14
2021 2022 Percent Change
Investment Plan 176,577 184,923 5%
Pension Plan 458,689 444,150 -3%
Total Membership 635,266 629,073 -1%
Total FRS Membership by Source
15
2022
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FRS Investment Plan
In 2000, the Legislature created the Public Employee Optional Retirement Program (investment plan),
a defined contribution plan offered to eligible employees as an alternative to the pension plan. The
earliest that any member could participate in the investment plan was July 1, 2002. The State Board of
Administration (SBA) is primarily responsible for administering the investment plan.
16
The SBA is
comprised of the Governor as chair, the Chief Financial Officer, and the Attorney General.
17
A member vests immediately in all employee contributions paid to the investment plan.
18
With respect
to the employer contributions, a member vests after completing one work year with an FRS employer.
19
Vested benefits are payable upon termination of employment with the FRS employer or death, as a
lump-sum distribution, direct rollover distribution, or periodic distribution.
20
Benefits under the investment plan accrue in individual member accounts funded by both employee
and employer contributions and investment earnings. Benefits are provided through employee-directed
investments offered by approved investment providers. The amount of money contributed to each
member’s account varies by class as follows:
21
4
As of June 30, 2022, the FRS Pension Plan, which is a defined benefit plan, had 444,150 members, and the investment
plan, which is a defined contribution plan, had 184,923 members. Annual Report, supra note 1, at p. 260.
5
Id.
6
Id., at 298.
7
Email from Jeff Ivey, Deputy Chief of Staff, Department of Management Services, RE: 2022 CEM Slides (Mar. 13, 2023).
8
Annual Report, supra note 1, at 263.
9
S. 121.021(12), F.S.
10
S. 121.0515, F.S.
11
The Special Risk Administrative Support Class is for a special risk member who moved or was reassigned to a
nonspecial risk law enforcement, firefighting, correctional, or emergency medical care administrative support position with
the same agency, or who is subsequently employed in such a position under the FRS. Section 121.0515(8), F.S.
12
S. 121.052, F.S.
13
S. 121.055, F.S.
14
Annual Report, supra note 1, at 260.
15
Annual Report, supra note 1, at 261.
16
S. 121.4501(8), F.S.
17
Art. IV, section 4(e), Fla. Const.
18
S. 121.4501(6)(a), F.S.
19
If a member terminates employment before vesting in the investment plan, the nonvested money is transferred from the
member’s account to the SBA for deposit and investment by the SBA in its suspense account for up to five years. If the
member is not reemployed as an eligible employee within five years, any nonvested accumulations transferred from a
member’s account to the SBA’s suspense account are forfeited. Section 121.4501(6)(b) – (d), F.S.
20
S. 121.591, F.S.
21
S. 121.72(6), F.S.
School Districts 302,399
Counties 151,223
State 90,754
State Universities 27,994
Others 36,491
State Colleges 20,212
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Membership Class Percentage of Gross
Compensation
1
Regular Class 9.30%
Special Risk Class 17.00%
Special Risk Administrative Support Class 10.95%
Elected Officers’ Class
Justices and Judges
County Elected Officers
Others
16.23%
14.34%
12.38%
Senior Management Service Class 10.67%
*
Includes the 3 percent employee contribution.
The above table reflects the rates in effect since July 1, 2022. Between July 1, 2022, through June 30,
2022, the Percentage of Gross Compensation was 3 percent less for each class.
22
The additional 3
percent for each class was provided in the 2022 Legislative Session.
23
FRS Pension Plan
The pension plan is a defined benefit plan that is administered by the secretary of the Department of
Management Services (DMS) through the Division of Retirement (division).
24
Investment management
is handled by the SBA.
Any member initially enrolled in the pension plan before July 1, 2011, vests in the pension plan after
completing six years of service with an FRS employer.
25
For members initially enrolled on or after July
1, 2011, the member vests in the pension plan after eight years of creditable service.
26
A member vests
immediately in all employee contributions paid to the pension plan.
For non-special risk members of the pension plan initially enrolled before July 1, 2011, normal
retirement is the earlier of 30 years of service or age 62.
27
For members in the Special Risk and Special
Risk Administrative Support Classes, normal retirement is the earlier of 25 years of service or age 55.
28
Members initially enrolled in the pension plan on or after July 1, 2011, must complete 33 years of
service or attain age 65, and members in the Special Risk and Special Risk Administrative Support
Classes must complete 30 years of service or attain age 60.
29
Deferred Retirement Option Program
DROP
30
allows eligible members
31
of the FRS Pension Plan to participate in the program and defer
receipt of retirement benefits while continuing employment with his or her FRS employer. The deferred
monthly benefits accrue, plus interest, in the FRS on behalf of the employee, including interest, for the
period of time the member participates in DROP. For members whose DROP participation begins on or
after July 1, 2011, the interest that is applied accrues at an effective annual rate of 1.3 percent,
compounded monthly, on the prior month’s accumulated ending balance.
32
Prior to July 1, 2011, the
annual rate applied was 6.5 percent. Upon termination of the employment, the member receives the
total DROP benefits and begins to receive the previously determined normal retirement amounts.
33
22
S. 121.72(5), F.S.
23
Ch. 2022-159, Laws of Fla.
24
S. 121.025, F.S.
25
S. 121.021(45)(a), F.S.
26
S. 121.021(45)(b), F.S.
27
S. 121.021(29)(a)1., F.S.
28
S. 121.021(29)(b)1., F.S.
29
S. 121.021(29)(a)2. and (b)2., F.S.
30
S. 121.091(13), F.S.
31
S. 121.091(13)(a), F.S.
32
S. 121.091(13)(c), F.S.
33
Id.
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Current law provides eligibility windows during which a member may enter DROP. Eligibility differs by
membership class, hire date, and either satisfaction of service-only criteria or age-plus-service
34
criteria. Generally, the law requires an FRS Pension Plan member to elect to participate in DROP
within a certain time period or lose the opportunity for DROP participation.
The below charts show the DROP entry window for each scenario.
35
Current Law - Years of Service Criteria Only
Eligibility Window for Non-Special Risk Members
Enrollment Date Window Opens Open Window
Start
Window
Closes
Before
July 1, 2011 (Tier I)
30 Years of
Service
Age 57 Age 58
On or After
July 1, 2011 (Tier II)
33 Years of
Service
Age 60 Age 61
Current Law - Years of Service Criteria Only
Eligibility Window for Special Risk
Enrollment Date Window Opens Open Window
Start
Window
Closes
Before
July 1, 2011 (Tier I)
25 Years of
Service
Age 52 Age 53
On or After
July 1, 2011 (Tier II)
30 Years of
Service
Age 55 Age 56
Instructional
personnel,
such as classroom
teachers, may
elect to participate in
DROP at any time
following the
date on which the
member first reaches normal retirement.
36
Generally, FRS Pension Plan members may elect to participate in DROP for a period not to exceed a
maximum of 60 calendar months.
37
However, instructional personnel employed by the Florida School
for the Deaf and the Blind, instructional personnel in grades K-12, and personnel employed by a
developmental research school may participate in DROP for up to 36 calendar months beyond the 60-
month period.
38
Additionally, the Legislature modified DROP in the 2022 Legislative Session to allow
law enforcement officers
39
in the Special Risk Class to extend DROP participation 36 calendar months
beyond the 60-month period if DROP entry is on or before June 30, 2028.
40
Member Disability Coverage and Line-of-Duty Death Benefits
34
S. 121.021(45), F.S.
35
S. 121.091(13)(a)1., F.S.
36
S. 121.091(13)(a)6., F.S.
37
S. 121.091(13)(b)1.a., F.S.
38
Id.
39
Defined in s. 1012.01(3), F.S.
40
S. 121.091(13)(b)1.c., F.S.
Current Law - Age-Plus-Service Criteria Only
Eligibility Window for Non-Special Risk Members
Enrollment Date Window Opens Window Closes
Before
July 1, 2011 (Tier I)
Age 62 and 6 Years of
Service
After 12 months
On or After
July 1, 2011 (Tier II)
Age 65 and 8 Years of
Service
After 12 months
Current Law - Age-Plus-Service Criteria Only
Eligibility Window for Special Risk
Enrollment Date Window Opens Window Closes
Before
July 1, 2011 (Tier I)
Age 55 and 6 Years of
Service
After 12 months
On or After
July 1, 2011 (Tier II)
Age 60 and 8 Years of
Service
After 12 months
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Current law sets the rates that are applied to each investment plan member’s gross compensation for
each calendar month. For line-of-duty death benefits, the amount is transferred from the FRS
Contributions Clearing Trust Fund to the survivor benefit account of the FRS Trust Fund.
41
For disability
coverage, the amount is transferred from the FRS Contributions Clearing Trust Fund to the disability
account of the FRS Trust Fund.
42
Retiree Health Insurance Subsidy
Current law, provides for a retiree health insurance subsidy
43
paid from the Retiree Health Insurance
Subsidy Trust Fund to eligible retirees of the FRS. The amount of the monthly subsidy is $5 for each
year of service in the FRS, but not less than $30 nor more than $150.
The subsidy is funded through a contribution by employers participating in the FRS. The current
contribution is 1.66 percent of the employer’s monthly payroll. The contribution is paid to DMS for
deposit in the Retiree Health Insurance Subsidy Trust Fund. The program is funded on a “pay-as-you-
go” basis rather than on an actuarial basis. This means the revenues and expenditures of the trust fund
are designed to match each other on an annual basis, with minimal reserves accumulated.
Members of the pension plan and investment plan qualify for the subsidy; however, members of the
university, community college, and senior management optional retirement programs are not eligible.
Actuarial Study - Contribution Rates
Section 121.031, F.S., requires DMS to compile an annual actuarial study of the FRS, the results of
which must be reported to the Legislature by December 31 of each year.
44
Thereafter, the Legislature
uses the report to establish the uniform contribution rates in law during the next regular legislative
session. The employer contribution rate is the same percentage regardless of whether the member
participates in the pension plan or the investment plan.
45
The rate is determined annually based on the
actuarial study by DMS that calculates the necessary level of funding to support all of the benefit
obligations under the plan. FRS employers are responsible for contributing a set percentage of the
member’s monthly compensation to the division to be distributed into the FRS Contributions Clearing
Trust Fund.
Effect of the Bill
FRS Investment Plan
The bill increases the employer-funded allocations to investment plan accounts by 2 percent for each
membership class in the investment plan. The revised contribution percentages, by class, are as
follows:
*
Includes the 3 percent employee contribution.
41
S. 121.735, F.S.
42
S. 121.73, F.S.
43
S. 112.363, F.S.
44
S. 121.031(3), F.S.
45
S. 121.70(1), F.S.
Membership Class Percentage of Gross
Compensation
1
Regular Class 11.30%
Special Risk Class 19.00%
Special Risk Administrative Support Class 12.95%
Elected Officers Class
Justices and Judges
County Elected Officers
Others
18.23%
16.34%
14.38%
Senior Management Service Class 12.67%
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FRS Pension Plan – Special Risk Years of Service
The bill revises the FRS normal retirement date for Special Risk Class members initially enrolled on or
after July 1, 2011, to be consistent with the normal retirement date for Special Risk Class members
initially enrolled before July 1, 2011. In other words, normal retirement for members of the Special Risk
Class will be the earlier of 25 years of creditable service, or age 55, instead of 30 years of creditable
service, or age 60, assuming vesting requirements have been met. Accordingly, members of the
Special Risk Class initially enrolled on or after July 1, 2011, will be eligible to retire or enter DROP five
years earlier.
Deferred Retirement Option Program
The bill modifies DROP by:
Eliminating the restrictive entry window for eligible FRS members to participate in DROP for all
retirement classes. In effect, this will allow entry into DROP for eligible members at any age as
long as years of service or age and vesting requirements are met;
Extending the maximum amount of time a qualified FRS member may participate in DROP from
60 calendar months to 96 calendar months for all classes;
Extending the maximum amount of time for certain instructional personnel to participate in
DROP from 96 calendar months to 120 calendar months until June 30, 2029; and
Increasing the interest rate applied to a member’s accrued monthly benefit each month from 1.3
percent to 4 percent.
Member Disability Coverage and Line-of-duty Death Benefits
The bill increases the allocations for disability coverage and for line-of-duty death benefits. The
increases are included in the actuarial studies for the proposed modifications to the FRS. The increases
provide sufficient authority to transfer funds into the survivor benefit account and the disability account
of the FRS Trust Fund.
Retiree Health Insurance Subsidy
The bill increases the monthly retiree health insurance subsidy from $5 to $7.50 for each year of
service. The maximum benefit is adjusted from $150 to $225 per month and the minimum benefit is
adjusted from $30 to $45 per month. To account for the increased benefit, the employer-paid
contribution to the Retiree Health Insurance Trust Fund is increased from 1.66 percent of gross
compensation to 2.0 percent of gross compensation for each member of the FRS.
Employer Contribution Rates
The bill revises the employer contribution rates to fund the normal costs and the unfunded actuarial
liability of the FRS based on the annual actuarial study and the actuarial studies relating to the
modifications to the FRS included in the bill.
Important State Interest
The bill declares it fulfills an important state interest and provides that a proper and legitimate state
purpose is served by the bill, which includes providing benefits managed, administered, and funded in
an actuarially sound manner.
II. FISCAL ANALYSIS & ECONOMIC IMPACT STATEMENT
A. FISCAL IMPACT ON STATE GOVER NMENT:
1. Revenues:
See Fiscal Comments.
2. Expenditures:
See Fiscal Comments.
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B. FISCAL IMPACT ON LOCAL GOVERNMENTS:
1. Revenues:
See Fiscal Comments.
2. Expenditures:
See Fiscal Comments.
C. DIRECT ECONOMIC IMPACT ON PRIVATE SECTOR:
None.
D. FISCAL COMMENTS:
The bill revises the employer contribution rates to adequately fund the FRS as determined by the July
1, 2022, annual valuation. The bill also includes the rates necessary to fund the program for each
modification to the FRS included in the bill.
46
The proposed employer contributions for Fiscal Year (FY)
2023-2024 compared to the rates currently in effect, are contained in the below table.
47
7/1/20227/1/20237/1/20227/1/20237/1/20227/1/2023
Regular Class 5.96% 6.73% 4.23% 4.78% 10.19% 11.51%
Special Risk Class 16.44% 18.66% 9.67% 11.95% 26.11% 30.61%
Special Risk
Administrative Class
10.77% 11.54% 26.16% 26.22% 36.93% 37.76%
Elected Officer Class
Leg/Gov/SAs/PDs 9.31% 10.45% 56.76% 50.21% 66.07% 60.66%
Judges 14.41% 14.90% 27.64% 27.93% 42.05% 42.83%
County Officers 11.30% 12.39% 43.98% 44.23% 55.28% 56.62%
Senior Management 7.70% 8.56% 22.15% 23.90% 29.85% 32.46%
DROP 7.79% 8.49% 9.15% 10.64% 16.94% 19.13%
Membership Class
"Blended"
Normal Costs
Unfunded Actuarial
Liability
Combined
Contribution Rates
The revised employer contribution will have a significant fiscal impact on funds paid into the FRS Trust
Fund. The total combined employer contributions estimated to be paid into the FRS Trust Fund in FY
2023-2024 will increase by approximately $713.3 million above the contributions paid in FY 2022-2023.
The estimated increase in contributions by employer contribution group for FY 2023-2024 are as
follows:
46
Actuarial studies were performed by the Milliman actuarial and consulting firm through DMS. A study for projected
blended Fiscal Year 2023-2024 statutory rates reflecting an increase in FRS Investment Plan employer contribution rates
was requested by the Governor’s Office. The study requested an analysis of three different scenarios including an
additional 3 percent, 4 percent, and 5 percent. The 2 percent rate included in the bill is a prorated amount based on that
study. Additionally, the President of the Senate requested a study to determine the rates needed for K-12 instructional
personnel to participate in DROP for a total of 10 years. The remaining modifications to the FRS included in the bill were
requested in a study by the Speaker of the House of Representatives.
47
The Milliman studies requested by the Speaker of the House of Representative and the Governor’s Office include
updates to the rates related to indirect costs to the FRS based on modifications to posttraumatic stress disorder
counseling for specified classes and modifications to additional benefits for firefighters.
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DATE: 6/8/2023
2022 actuarial valuation for normal cost and unfunded actuarial liability for FY 2023-2024:
Cost Reflecting 2.00 percent employer increase for the FRS Investment Plan:
Cost for 10-year
DROP
participation for K-12 instructional personnel:
Cost for DROP modifications and special risk age and years of service:
The total combined employer contributions estimated to be paid into the FRS Trust Fund in FY 2023-
2024:
The modifications to the health insurance subsidy will increase the revenues deposited into the Retiree
Health Insurance Subsidy Trust Fund by approximately $139.3 million annually. The estimated increase
in contributions by employer group for FY 2023-2024:
Employer Contribution Group Estimated Increase in Contributions
State Agencies $48.0 Million
School Boards $114.3 Million
State Universities $31.2 Million
Colleges $9.1 Million
Counties $126.6 Million
Other $21.4 Million
Total: $350.6 Million
Employer Contribution Group Estimated Increase in Contributions
State Agencies $23.4 Million
School Boards $76.9 Million
State Universities $8.8 Million
Colleges $5.7 Million
Counties $53.0 Million
Other $11.3 Million
Total: $179.1 Million
Employer Contribution Group Estimated Increase in Contributions
State Agencies $0.5 Million
School Boards $2.3 Million
State Universities $0.5 Million
Colleges $0.2 Million
Counties $0.9 Million
Other $0.3 Million
Total: $4.6 Million
Employer Contribution Group Estimated Increase in Contributions
State Agencies $31.1 Million
School Boards $20.2 Million
State Universities $4.2 Million
Colleges $1.5 Million
Counties $111.0 Million
Other $11.1 Million
Total: $179.0 Million
Employer Contribution Group Estimated Increase In Contributions
State Agencies $103.0 Million
School Boards $213.7 Million
State Universities $44.7 Million
Colleges $16.5 Million
Counties $291.5 Million
Other $44.0 Million
Total: $713.3 Million
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DATE: 6/8/2023
Employer Contribution Group Estimated Increase in Contributions
State Agencies $16.6 Million
School Boards $54.3 Million
State Universities $18.7 Million
Colleges $4.3 Million
Counties $37.3 Million
Other $7.9 Million
Total: $139.3 Million