FL
Florida House Bill H0239

Florida 2023 Regular Session

Florida House Bill H0239 Compare Versions

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1010 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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1414 A bill to be entitled 1
15-An act relating to the Florida Retirement System; 2
15+An act relating to special risk class retirement date; 2
1616 amending s. 121.021, F.S.; revising the definition of 3
17-the term "normal retirement date" for certain members; 4
18-amending s. 121.053, F.S.; conforming provisions to 5
19-changes made by the act; amending s. 121.091, F.S.; 6
20-revising when members can elect to begin to 7
21-participate in the Deferred Retirement Option Program; 8
22-increasing the length of time members can participate 9
23-in such program; increasing the interest accrual rate 10
24-for such program; conforming provisions to changes 11
25-made by the act; amending s. 121.101, F.S.; revising 12
26-provisions related to the cost -of-living adjustment of 13
27-benefits for certain retirees and beneficiaries; 14
28-amending s. 121.4501, F.S.; conforming provisions to 15
29-changes made by the act; amending s. 121.71, F.S.; 16
30-revising provisions related to required employer 17
31-retirement contribution rates; amending s. 121.72, 18
32-F.S.; increasing allocations to investment plan member 19
33-accounts; amending s. 121.73, F.S.; increasing 20
34-allocations to provide disability covera ge for 21
35-investment plan members; amending s. 121.735, F.S.; 22
36-revising allocations to provide line -of-duty death 23
37-benefits for investment plan members; providing a 24
38-declaration of important state interest; providing an 25
17+"normal retirement date"; decreasing the age and years 4
18+of service needed to reach the normal retirement date 5
19+for certain members; amending ss. 121.091 and 6
20+121.4501, F.S.; conforming provisions to changes made 7
21+by this act; authorizing certain members of the 8
22+Special Risk Class to elect Deferred Retirement Option 9
23+Program participation within a specified time period; 10
24+providing a declaration of important state interest; 11
25+providing an effective date. 12
26+ 13
27+Be It Enacted by the Legislature of the State of Florida: 14
28+ 15
29+ Section 1. Paragraph (b) of subsection (29) o f section 16
30+121.021, Florida Statutes, is amended to read: 17
31+ 121.021 Definitions. —The following words and phrases as 18
32+used in this chapter have the respective meanings set forth 19
33+unless a different meaning is plainly required by the context: 20
34+ (29) "Normal retirement date" means the date a member 21
35+attains normal retirement age and is vested, which is determined 22
36+as follows: 23
37+ (b) For If a Special Risk Class members member initially 24
38+enrolled: 25
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4747 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-effective date. 26
52- 27
53-Be It Enacted by the Legislature of the State of Florida: 28
54- 29
55- Section 1. Paragraph (b) of subsection (29) of section 30
56-121.021, Florida Statutes, is amended to read: 31
57- 121.021 Definitions. —The following words and phrases as 32
58-used in this chapter have the respective meanings set forth 33
59-unless a different meaning is plainly required by the context: 34
60- (29) "Normal retirement date" means the date a member 35
61-attains normal retirement age and is vested, which is determined 36
62-as follows: 37
63- (b) For If a Special Risk Class member initially enrolled: 38
64- 1. Before July 1, 2011 : 39
65- 1.a. The first day of the month the member attains age 55 40
51+ 1. Before July 1, 2011: 26
52+ 1.a. The first day of the month the member a ttains age 55 27
53+and completes the years of creditable service in the Special 28
54+Risk Class equal to or greater than the years of service 29
55+required for vesting; 30
56+ 2.b. The first day of the month following the date the 31
57+member completes 25 years of creditable servi ce in the Special 32
58+Risk Class, regardless of age; or 33
59+ 3.c. The first day of the month following the date the 34
60+member completes 25 years of creditable service and attains age 35
61+52, which service may include a maximum of 4 years of military 36
62+service credit if su ch credit is not claimed under any other 37
63+system and the remaining years are in the Special Risk Class. 38
64+ 2. On or after July 1, 2011: 39
65+ a. The first day of the month the member attains age 60 40
6666 and completes the years of creditable service in the Special 41
6767 Risk Class equal to or greater than the years of service 42
6868 required for vesting; 43
69- 2.b. The first day of the month following the date the 44
70-member completes 25 years of creditable service in the Special 45
69+ b. The first day of the month following the date the 44
70+member completes 30 years of creditable service in the Special 45
7171 Risk Class, regardless of age; or 46
72- 3.c. The first day of the month following the date the 47
73-member completes 25 years of creditable service and attains age 48
74-52, which service may include a maximum of 4 years of military 49
72+ c. The first day of the mo nth following the date the 47
73+member completes 30 years of creditable service and attains age 48
74+57, which service may include a maximum of 4 years of military 49
7575 service credit if such credit is not claimed under any other 50
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8484 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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8888 system and the remaining years are in the Special Risk Class. 51
89- 2. On or after July 1, 2011: 52
90- a. The first day of the month the member attains age 60 53
91-and completes the years of creditable service in the Special 54
92-Risk Class equal to or greater than the years of service 55
93-required for vesting; 56
94- b. The first day of the month following the date the 57
95-member completes 30 years of creditable servic e in the Special 58
96-Risk Class, regardless of age; or 59
97- c. The first day of the month following the date the 60
98-member completes 30 years of creditable service and attains age 61
99-57, which service may include a maximum of 4 years of military 62
100-service credit if such credit is not claimed under any other 63
101-system and the remaining years are in the Special Risk Class. 64
102- 65
103-For pension plan members, normal retirement age is attained on 66
104-the normal retirement date. For investment plan members, normal 67
105-retirement age is the date a member attains his or her normal 68
106-retirement date as provided in this section, or the date a 69
107-member is vested under the investment plan as provided in s. 70
108-121.4501(6), whichever is later. 71
109- Section 2. Paragraph (a) of subsection (7) of section 72
110-121.053, Florida Statutes, is amended to read: 73
111- 121.053 Participation in the Elected Officers' Class for 74
112-retired members.— 75
89+ 52
90+For pension plan members, normal retirement age is attained on 53
91+the normal retirement date. For investment plan members, normal 54
92+retirement age is the date a member attains his or her normal 55
93+retirement date as provided in this section, or the date a 56
94+member is vested under the investment plan as provided in s. 57
95+121.4501(6), whichever is later. 58
96+ Section 2. Subsection (3) and paragraph (a) of subsection 59
97+(13) of section 121.091, Florida Statutes, are amended to read: 60
98+ 121.091 Benefits pay able under the system. —Benefits may 61
99+not be paid under this section unless the member has terminated 62
100+employment as provided in s. 121.021(39)(a) or begun 63
101+participation in the Deferred Retirement Option Program as 64
102+provided in subsection (13), and a proper ap plication has been 65
103+filed in the manner prescribed by the department. The department 66
104+may cancel an application for retirement benefits when the 67
105+member or beneficiary fails to timely provide the information 68
106+and documents required by this chapter and the depa rtment's 69
107+rules. The department shall adopt rules establishing procedures 70
108+for application for retirement benefits and for the cancellation 71
109+of such application when the required information or documents 72
110+are not received. 73
111+ (3) EARLY RETIREMENT BENEFIT. —Upon retirement on his or 74
112+her early retirement date, the member shall receive an immediate 75
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121121 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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125- (7) A member who is elected or appointed to an elective 76
126-office and who is participating in the Deferred Retirement 77
127-Option Program is not subj ect to termination as defined in s. 78
128-121.021, or reemployment limitations as provided in s. 79
129-121.091(9), until the end of his or her current term of office 80
130-or, if the officer is consecutively elected or reelected to an 81
131-elective office eligible for coverage u nder the Florida 82
132-Retirement System, until he or she no longer holds an elective 83
133-office, as follows: 84
134- (a) At the end of the 96-month 60-month DROP period: 85
135- 1. The officer's DROP account may not accrue additional 86
136-monthly benefits, but does continue to earn interest as provided 87
137-in s. 121.091(13). However, an officer whose DROP participation 88
138-begins on or after July 1, 2010, may not continue to earn such 89
139-interest. 90
140- 2. Retirement contributions, except for unfunded actuarial 91
141-liability and health insurance subsi dy contributions required in 92
142-ss. 121.71(5) and 121.76, are not required of the employer of 93
143-the elected officer, and additional retirement credit may not be 94
144-earned under the Florida Retirement System. 95
145- Section 3. Paragraph (a) of subsection (3) and subse ction 96
146-(13) of section 121.091, Florida Statutes, are amended to read: 97
147- 121.091 Benefits payable under the system. —Benefits may 98
148-not be paid under this section unless the member has terminated 99
149-employment as provided in s. 121.021(39)(a) or begun 100
125+monthly benefit that shall begin to accrue on the first day of 76
126+the month of the retirement date and be payable on the last day 77
127+of that month and each month thereafter dur ing his or her 78
128+lifetime. Such benefit shall be calculated as follows: 79
129+ (a)1. For all special risk class members or a member of 80
130+the Regular Class, Senior Management Service Class, or the 81
131+Elected Officers' Class initially enrolled: 82
132+ 1. before July 1, 2011, the amount of each monthly payment 83
133+shall be computed in the same manner as for a normal retirement 84
134+benefit, in accordance with subsection (1), but shall be based 85
135+on the member's average monthly compensation and creditable 86
136+service as of the member's early r etirement date. The benefit so 87
137+computed shall be reduced by five -twelfths of 1 percent for each 88
138+complete month by which the early retirement date precedes the 89
139+normal retirement date of age 62 for a member of the Regular 90
140+Class, Senior Management Service Cla ss, or the Elected Officers' 91
141+Class, and age 55 for a member of the Special Risk Class, or age 92
142+52 if a Special Risk member has completed 25 years of creditable 93
143+service in accordance with s. 121.021(29)(b)3. s. 94
144+121.021(29)(b)1.c. 95
145+ 2. For a member of the Reg ular Class, Senior Management 96
146+Service Class, or the Elected Officers' Class initially enrolled 97
147+on or after July 1, 2011, the amount of each monthly payment 98
148+shall be computed in the same manner as for a normal retirement 99
149+benefit, in accordance with subsecti on (1), but shall be based 100
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158158 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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162-participation in the Deferred Retirement Option Program as 101
163-provided in subsection (13), and a proper application has been 102
164-filed in the manner prescribed by the department. The department 103
165-may cancel an application for retirement benefits when the 104
166-member or beneficiary fails to timely provide the information 105
167-and documents required by this chapter and the department's 106
168-rules. The department shall adopt rules establishing procedures 107
169-for application for retirement benefits and for the cancellation 108
170-of such application when t he required information or documents 109
171-are not received. 110
172- (3) EARLY RETIREMENT BENEFIT. —Upon retirement on his or 111
173-her early retirement date, the member shall receive an immediate 112
174-monthly benefit that shall begin to accrue on the first day of 113
175-the month of the retirement date and be payable on the last day 114
176-of that month and each month thereafter during his or her 115
177-lifetime. Such benefit shall be calculated as follows: 116
178- (a)1. For a member initially enrolled: 117
179- a.1. Before July 1, 2011, the amount of each monthl y 118
180-payment shall be computed in the same manner as for a normal 119
181-retirement benefit, in accordance with subsection (1), but shall 120
182-be based on the member's average monthly compensation and 121
183-creditable service as of the member's early retirement date. The 122
184-benefit so computed shall be reduced by five -twelfths of 1 123
185-percent for each complete month by which the early retirement 124
186-date precedes the normal retirement date of age 62 for a member 125
162+on the member's average monthly compensation and creditable 101
163+service as of the member's early retirement date. The benefit so 102
164+computed shall be reduced by five -twelfths of 1 percent for each 103
165+complete month by which the early retir ement date precedes the 104
166+normal retirement date of age 65 for a member of the Regular 105
167+Class, Senior Management Service Class, or the Elected Officers' 106
168+Class, and age 60 for a member of the Special Risk Class, or age 107
169+57 if a special risk member has completed 30 years of creditable 108
170+service in accordance with s. 121.021(29)(b)2.c . 109
171+ (b) If the employment of a member is terminated by reason 110
172+of death within 10 years before normal retirement as described 111
173+in s. 121.021(29)(a)1.b. or s. 121.021(29)(a)2.b., the month ly 112
174+benefit payable to the member's beneficiary shall be calculated 113
175+in accordance with subsection (1), but must be based on average 114
176+monthly compensation and creditable service as of the date of 115
177+death. The benefit so computed shall be reduced by five -twelfths 116
178+of 1 percent for each complete month by which death precedes the 117
179+normal retirement date specified above or the date on which the 118
180+member would have attained the normal retirement date had he or 119
181+she survived and continued his or her employment, whichever 120
182+provides a higher benefit. 121
183+ (13) DEFERRED RETIREMENT OPTION PROGRAM. —In general, and 122
184+subject to this section, the Deferred Retirement Option Program, 123
185+hereinafter referred to as DROP, is a program under which an 124
186+eligible member of the Florida Retirement Sys tem may elect to 125
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199-of the Regular Class, Senior Management Service Class, or the 126
200-Elected Officers' Class, and age 55 for a member of the Special 127
201-Risk Class, or age 52 if a Special Risk member has completed 25 128
202-years of creditable service in accordance with s. 129
203-121.021(29)(b)1.c. 130
204- b.2. On or after July 1, 2011, the amount of each monthly 131
205-payment shall be computed in the same manner as for a normal 132
206-retirement benefit, in accordance with subsection (1), but shall 133
207-be based on the member's average monthly compensation and 134
208-creditable service as of the member's early retirement date. The 135
209-benefit so computed shall be reduced by five -twelfths of 1 136
210-percent for each complete month by which the early retirement 137
211-date precedes the normal retirement date of age 65 for a member 138
212-of the Regular Class, Senior Management Service Class, or the 139
213-Elected Officers' Class , and age 60 for a member of the Special 140
214-Risk Class, or age 57 if a special risk member has completed 30 141
215-years of creditable service in accordance with s. 142
216-121.021(29)(b)2.c. 143
217- 2. For members of the Special Risk Class, the amount of 144
218-each monthly payment shall be computed in the same manner as for 145
219-a normal retirement benefit, in accordance with subsection (1), 146
220-but shall be based on the member's average monthly compensation 147
221-and creditable service as of the member's early retirement date. 148
222-The benefit so computed shal l be reduced by five -twelfths of 1 149
223-percent for each complete month by which the early retirement 150
199+participate, deferring receipt of retirement benefits while 126
200+continuing employment with his or her Florida Retirement System 127
201+employer. The deferred monthly benefits shall accrue in the 128
202+Florida Retirement System on behalf of the member, plus interest 129
203+compounded monthly, for the specified period of the DROP 130
204+participation, as provided in paragraph (c). Upon termination of 131
205+employment, the member shall receive the total DROP benefits and 132
206+begin to receive the previously determined normal retiremen t 133
207+benefits. Participation in the DROP does not guarantee 134
208+employment for the specified period of DROP. Participation in 135
209+DROP by an eligible member beyond the initial 60 -month period as 136
210+authorized in this subsection shall be on an annual contractual 137
211+basis for all participants. 138
212+ (a) Eligibility of member to participate in DROP. —All 139
213+active Florida Retirement System members in a regularly 140
214+established position, and all active members of the Teachers' 141
215+Retirement System established in chapter 238 or the State and 142
216+County Officers' and Employees' Retirement System established in 143
217+chapter 122, which are consolidated within the Florida 144
218+Retirement System under s. 121.011, are eligible to elect 145
219+participation in DROP if: 146
220+ 1. The member is not a renewed member under s. 121 .122 or 147
221+a member of the State Community College System Optional 148
222+Retirement Program under s. 121.051, the Senior Management 149
223+Service Optional Annuity Program under s. 121.055, or the 150
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232232 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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236-date precedes the normal retirement date of age 55, or age 52 if 151
237-a Special Risk member has completed 25 years of creditable 152
238-service in accordance with s. 121.0 21(29)(b)3. 153
239- (13) DEFERRED RETIREMENT OPTION PROGRAM. —In general, and 154
240-subject to this section, the Deferred Retirement Option Program, 155
241-hereinafter referred to as DROP, is a program under which an 156
242-eligible member of the Florida Retirement System may elect to 157
243-participate, deferring receipt of retirement benefits while 158
244-continuing employment with his or her Florida Retirement System 159
245-employer. The deferred monthly benefits shall accrue in the 160
246-Florida Retirement System on behalf of the member, plus interest 161
247-compounded monthly, for the specified period of the DROP 162
248-participation, as provided in paragraph (c). Upon termination of 163
249-employment, the member shall receive the total DROP benefits and 164
250-begin to receive the previously determined normal retirement 165
251-benefits. Participation in the DROP does not guarantee 166
252-employment for the specified period of DROP. Participation in 167
253-DROP by an eligible member beyond the initial 60 -month period as 168
254-authorized in this subsection shall be on an annual contractual 169
255-basis for all particip ants. 170
256- (a) Eligibility of member to participate in DROP. —All 171
257-active Florida Retirement System members in a regularly 172
258-established position, and all active members of the Teachers' 173
259-Retirement System established in chapter 238 or the State and 174
260-County Officers' and Employees' Retirement System established in 175
236+optional retirement program for the State University System 151
237+under s. 121.35. 152
238+ 2. Except as provided in subparagraph 6., for all special 153
239+risk class members and Regular Class, Senior Management Service 154
240+Class, or Elected Officers' Class members initially enrolled 155
241+before July 1, 2011, election to participate is made within 12 156
242+months immediately following the date on which the member first 157
243+reaches normal retirement date, or, for a member who reaches 158
244+normal retirement date based on service before he or she reaches 159
245+age 62, or age 55 for Special Risk Class members, election to 160
246+participate may be deferred to the 12 months immediately 161
247+following the date the member attains age 57, or age 52 for 162
248+Special Risk Class members. Except as provided in subparagraph 163
249+6., for Regular Class, Senior Management Service Class, or 164
250+Elected Officers' Class members initially enrolled on or after 165
251+July 1, 2011, election to participate is made within 12 months 166
252+immediately following the date on which the member first reaches 167
253+normal retirement date, or, for a member who reaches normal 168
254+retirement date based on service before he or she reaches age 169
255+65, or age 60 for Special Risk Class members , election to 170
256+participate may be deferred to the 12 months immediately 171
257+following the date the member attains age 60, or age 55 for 172
258+Special Risk Class members . A member who delays DRO P 173
259+participation during the 12 -month period immediately following 174
260+his or her maximum DROP deferral date, except as provided in 175
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273-chapter 122, which are consolidated within the Florida 176
274-Retirement System under s. 121.011, are eligible to elect 177
275-participation in DROP if: 178
276- 1. The member is not a renewed member under s. 121.122 or 179
277-a member of the State Community College System Optional 180
278-Retirement Program under s. 121.051, the Senior Management 181
279-Service Optional Annuity Program under s. 121.055, or the 182
280-optional retirement program for the State University System 183
281-under s. 121.35. 184
282- 2. Except as provided in subparagraphs 6. and 7. 185
283-subparagraph 6., for members initially enrolled before July 1, 186
284-2011, election to participate is made within 12 months 187
285-immediately following the date on which the member first reaches 188
286-normal retirement date, or, for a member who reaches normal 189
287-retirement date based on service before he or she reaches age 190
288-62, or age 52 55 for Special Risk Class members, election to 191
289-participate may be deferred to the 12 months immediately 192
290-following the date the member attains age 57, or a ge 52 for 193
291-Special Risk Class members. Except as provided in subparagraphs 194
292-6. and 7. subparagraph 6., for members initially enrolled on or 195
293-after July 1, 2011, election to participate is made within 12 196
294-months immediately following the date on which the membe r first 197
295-reaches normal retirement date, or, for a member who reaches 198
296-normal retirement date based on service before he or she reaches 199
297-age 65, or age 55 60 for Special Risk Class members, election to 200
273+subparagraph 6., loses a month of DROP participation for each 176
274+month delayed. A member who fails to make an election within the 177
275+12-month limitation period forfeits all rights to participate in 178
276+DROP. The member shall advise his or her employer and the 179
277+division in writing of the date DROP begins. The beginning date 180
278+may be subsequent to the 12 -month election period but must be 181
279+within the original 60-month participation period provided in 182
280+subparagraph (b)1. When establishing eligibility to participate 183
281+in DROP, the member may elect to include or exclude any optional 184
282+service credit purchased by the member from the total service 185
283+used to establish the normal retirement date. A member who has 186
284+dual normal retirement dates is eligible to elect to participate 187
285+in DROP after attaining normal retirement date in either class. 188
286+ 3. The employer of a member electing to participate in 189
287+DROP, or employers i f dually employed, shall acknowledge in 190
288+writing to the division the date the member's participation in 191
289+DROP begins and the date the member's employment and DROP 192
290+participation terminates. 193
291+ 4. Simultaneous employment of a member by additional 194
292+Florida Retirement System employers subsequent to the 195
293+commencement of a member's participation in DROP is permissible 196
294+if such employers acknowledge in writing a DROP termination date 197
295+no later than the member's existing termination date or the 198
296+maximum participation perio d provided in subparagraph (b)1. 199
297+ 5. A member may change employers while participating in 200
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310-participate may be deferred to the 12 months immediately 201
311-following the date the member attains age 60, or age 52 55 for 202
312-Special Risk Class members. A member who delays DROP 203
313-participation during the 12 -month period immediately following 204
314-his or her maximum DROP deferral date, except as provided in 205
315-subparagraphs 6. and 7. subparagraph 6., loses a month of DROP 206
316-participation for each month delayed. A member who fails to make 207
317-an election within the 12 -month limitation period forfeits all 208
318-rights to participate in DROP. The member shall advise his or 209
319-her employer and the division in writing of the date DROP 210
320-begins. The beginning date may be subsequent to the 12 -month 211
321-election period but must be within the original 96-month 60-212
322-month participation period provided in subparagraph (b)1. When 213
323-establishing eligibility to parti cipate in DROP, the member may 214
324-elect to include or exclude any optional service credit 215
325-purchased by the member from the total service used to establish 216
326-the normal retirement date. A member who has dual normal 217
327-retirement dates is eligible to elect to partic ipate in DROP 218
328-after attaining normal retirement date in either class. 219
329- 3. The employer of a member electing to participate in 220
330-DROP, or employers if dually employed, shall acknowledge in 221
331-writing to the division the date the member's participation in 222
332-DROP begins and the date the member's employment and DROP 223
333-participation terminates. 224
334- 4. Simultaneous employment of a member by additional 225
310+DROP, subject to the following: 201
311+ a. A change of employment takes place without a break in 202
312+service so that the member receives salary for each month of 203
313+continuous DROP participation. If a member receives no salary 204
314+during a month, DROP participation ceases unless the employer 205
315+verifies a continuation of the employment relationship for such 206
316+member pursuant to s. 121.021(39)(b). 207
317+ b. The member and new employer notify the division of the 208
318+identity of the new employer on forms required by the division. 209
319+ c. The new employer acknowledges, in writing, the member's 210
320+DROP termination date, which may be extended but not beyond the 211
321+maximum participation period provided in subparagr aph (b)1., 212
322+acknowledges liability for any additional retirement 213
323+contributions and interest required if the member fails to 214
324+timely terminate employment, and is subject to the adjustment 215
325+required in sub-subparagraph (c)5.d. 216
326+ 6. Effective July 1, 2001, for i nstructional personnel as 217
327+defined in s. 1012.01(2), election to participate in DROP may be 218
328+made at any time following the date on which the member first 219
329+reaches normal retirement date. The member shall advise his or 220
330+her employer and the division in writing of the date on which 221
331+DROP begins. When establishing eligibility of the member to 222
332+participate in DROP for the 60 -month participation period 223
333+provided in subparagraph (b)1., the member may elect to include 224
334+or exclude any optional service credit purchased by the member 225
335335
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343343 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
344344
345345
346346
347-Florida Retirement System employers subsequent to the 226
348-commencement of a member's participation in DROP is permissible 227
349-if such employers acknowledge in writing a DROP termination date 228
350-no later than the member's existing termination date or the 229
351-maximum participation period provided in subparagraph (b)1. 230
352- 5. A member may change employers while participating in 231
353-DROP, subject to the following: 232
354- a. A change of employment takes place without a break in 233
355-service so that the member receives salary for each month of 234
356-continuous DROP participation. If a member receives no salary 235
357-during a month, DROP participation ceases unless the employe r 236
358-verifies a continuation of the employment relationship for such 237
359-member pursuant to s. 121.021(39)(b). 238
360- b. The member and new employer notify the division of the 239
361-identity of the new employer on forms required by the division. 240
362- c. The new employer acknow ledges, in writing, the member's 241
363-DROP termination date, which may be extended but not beyond the 242
364-maximum participation period provided in subparagraph (b)1., 243
365-acknowledges liability for any additional retirement 244
366-contributions and interest required if the me mber fails to 245
367-timely terminate employment, and is subject to the adjustment 246
368-required in sub-subparagraph (c)5.d. 247
369- 6. Effective July 1, 2001, for instructional personnel as 248
370-defined in s. 1012.01(2), election to participate in DROP may be 249
371-made at any time following the date on which the member first 250
347+from the total service used to establish the normal retirement 226
348+date. A member who has dual normal retirement dates is eligible 227
349+to elect to participate in either class. 228
350+ Section 3. Paragraph (b) of subsection (3) of section 229
351+121.4501, Florida Statutes, is amended to read: 230
352+ 121.4501 Florida Retirement System Investment Plan. — 231
353+ (3) RETIREMENT SERVICE CREDIT; TRANSFER OF BENEFITS. — 232
354+ (b) Notwithstanding paragraph (a), an eligible employee 233
355+who elects to participate in, or who defaults into, the 234
356+investment plan and establishes one or more individual member 235
357+accounts may elect to transfer to the investment plan a sum 236
358+representing the present value of the employee's accumulated 237
359+benefit obligation under the pension plan, except as provided in 238
360+paragraph (4)(b). Upon transfer, all service credit earned under 239
361+the pension plan is nullified for purposes of entitlement to a 240
362+future benefit under the pension plan. A member may not transfer 241
363+the accumulated benefit obligation balance from the pension plan 242
364+after the time period for enrolling in the investment plan has 243
365+expired. 244
366+ 1. For purposes of this subsection, the present value of 245
367+the member's accumulated benefit obligation is based upon the 246
368+member's estimated creditable service and estimated average 247
369+final compensation under the pension plan, subject to 248
370+recomputation under subparagraph 2. For state employees, initial 249
371+estimates shall be based upon creditable service and average 250
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380380 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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384-reaches normal retirement date. The member shall advise his or 251
385-her employer and the division in writing of the date on which 252
386-DROP begins. When establishing eligibility of the member to 253
387-participate in DROP for the 96-month 60-month participation 254
388-period provided in subparagraph (b)1., the member may elect to 255
389-include or exclude any optional service credit purchased by the 256
390-member from the total service used to establish the normal 257
391-retirement date. A member who has dual normal retiremen t dates 258
392-is eligible to elect to participate in either class. 259
393- 7. Effective July 1, 2023, election to participate in DROP 260
394-may be made at any time following the date on which the member 261
395-first reaches normal retirement date. The member shall advise 262
396-his or her employer and the division in writing of the date on 263
397-which DROP begins. When establishing eligibility of the member 264
398-to participate in DROP for the 96 -month participation period 265
399-provided in paragraph (b), the member may elect to include or 266
400-exclude any optional service credit purchased by the member from 267
401-the total service used to establish the normal retirement date. 268
402-A member who has dual normal retirement dates is eligible to 269
403-participate in either class. 270
404- (b) Participation in DROP. —Except as provided in th is 271
405-paragraph, an eligible member may elect to participate in DROP 272
406-for a period not to exceed a maximum of 96 60 calendar months. 273
407- 1.a. Members who are instructional personnel employed by 274
408-the Florida School for the Deaf and the Blind and authorized by 275
384+final compensation as of midnight on June 30, 2002; for district 251
385+school board employees , initial estimates shall be based upon 252
386+creditable service and average final compensation as of midnight 253
387+on September 30, 2002; and for local government employees, 254
388+initial estimates shall be based upon creditable service and 255
389+average final compensation as o f midnight on December 31, 2002. 256
390+The dates specified are the "estimate date" for these employees. 257
391+The actuarial present value of the employee's accumulated 258
392+benefit obligation shall be based on the following: 259
393+ a. The discount rate and other relevant actuar ial 260
394+assumptions used to value the Florida Retirement System Trust 261
395+Fund at the time the amount to be transferred is determined, 262
396+consistent with the factors provided in sub -subparagraphs b. and 263
397+c. 264
398+ b. A benefit commencement age, based on the member's 265
399+estimated creditable service as of the estimate date. 266
400+ c. Except as provided under sub -subparagraph d., for a 267
401+member initially enrolled: 268
402+ (I) Before July 1, 2011, the benefit commencement age is 269
403+the younger of the following, but may not be younger than the 270
404+member's age as of the estimate date: 271
405+ (A) Age 62; or 272
406+ (B) The age the member would attain if the member 273
407+completed 30 years of service with an employer, assuming the 274
408+member worked continuously from the estimate date, and 275
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417417 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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421-the Board of Trustees of the Florida School for the Deaf and the 276
422-Blind, who are instructional personnel as defined in s. 277
423-1012.01(2)(a)-(d) in grades K-12 and authorized by the district 278
424-school superintendent, or who are instructional personnel as 279
425-defined in s. 1012.01(2)(a) employed by a developmental research 280
426-school and authorized by the school's director, or if the school 281
427-has no director, by the school's principal, may extend DROP 282
428-participation participate in DROP for up to 36 calendar months 283
429-beyond the 60-month period. Effective July 1, 2018, 284
430-instructional personnel who are authorized to extend DROP 285
431-participation beyond the 60 -month period must have a termination 286
432-date that is the last day of the last calendar month of the 287
433-school year within the DROP extension granted by the employer. 288
434-If, on July 1, 2018, the member's DROP participation has already 289
435-been extended for the maximum 36 calendar months and the 290
436-extension period concludes before the end of the school year, 291
437-the member's DROP participation may be extended through the last 292
438-day of the last calendar month of that school year if the 96 293
439-calendar months of DROP participation concludes before the end 294
440-of the school year. The employer shall notify the division of 295
441-the change in termination date and the additional pe riod of DROP 296
442-participation for the affected instructional personnel. 297
443- b. Administrative personnel in grades K -12, as defined in 298
444-s. 1012.01(3), who have a DROP termination date on or after July 299
445-1, 2018, may be authorized to extend DROP participation beyond 300
421+disregarding any vesting requirement that would otherwise apply 276
422+under the pension plan. 277
423+ (II) On or after July 1, 2011, the benefit commencement 278
424+age is the younger of the following, but may not be younger than 279
425+the member's age as of the estimate date: 280
426+ (A) Age 65; or 281
427+ (B) The age the memb er would attain if the member 282
428+completed 33 years of service with an employer, assuming the 283
429+member worked continuously from the estimate date, and 284
430+disregarding any vesting requirement that would otherwise apply 285
431+under the pension plan. 286
432+ d. For members of th e Special Risk Class and for members 287
433+of the Special Risk Administrative Support Class entitled to 288
434+retain the special risk normal retirement date : 289
435+ (I) Initially enrolled before July 1, 2011 , the benefit 290
436+commencement age is the younger of the following, bu t may not be 291
437+younger than the member's age as of the estimate date: 292
438+ (I)(A) Age 55; or 293
439+ (II)(B) The age the member would attain if the member 294
440+completed 25 years of service with an employer, assuming the 295
441+member worked continuously from the estimate date, and 296
442+disregarding any vesting requirement that would otherwise apply 297
443+under the pension plan. 298
444+ (II) Initially enrolled on or after July 1, 2011, the 299
445+benefit commencement age is the younger of the following, but 300
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454454 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
455455
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457457
458-the initial 96 60 calendar month period if the administrative 301
459-personnel's termination date is before the end of the school 302
460-year. Such administrative personnel may have DROP participation 303
461-extended until the last day of the last calendar month of the 304
462-school year in which their original DROP termination date 305
463-occurred if a date other than the last day of the last calendar 306
464-month of the school year is designated. The employer shall 307
465-notify the division of the change in termination date and the 308
466-additional period of DROP participation for the affected 309
467-administrative personnel. 310
468- c. Effective July 1, 2022, a member of the Special Risk 311
469-Class who is a law enforcement officer who meets the criteria in 312
470-s. 121.0515(3)(a) and who is a DROP participant on or after July 313
471-1, 2022, may participate in DROP for up to 36 calendar months 314
472-beyond the 60-month period if he or she enters DROP on or before 315
473-June 30, 2028. 316
474- 2. Upon deciding to participate in DROP, the member shall 317
475-submit, on forms required by the division: 318
476- a. A written election to participate in DROP; 319
477- b. Selection of DROP participation and termination dates 320
478-that satisfy the limitations stated in paragraph (a) and 321
479-subparagraph 1. The termination date must be in a binding letter 322
480-of resignation to the employer establishing a deferred 323
481-termination date. The member may change the termination d ate 324
482-within the limitations of subparagraph 1., but only with the 325
458+may not be younger than the member's age as of the estimate 301
459+date: 302
460+ (A) Age 60; or 303
461+ (B) The age the member would attain if the member 304
462+completed 30 years of service with an employer, assuming the 305
463+member worked continuously from the estimate date, and 306
464+disregarding any vesting requirement that would oth erwise apply 307
465+under the pension plan. 308
466+ e. The calculation must disregard vesting requirements and 309
467+early retirement reduction factors that would otherwise apply 310
468+under the pension plan. 311
469+ 2. For each member who elects to transfer moneys from the 312
470+pension plan to his or her account in the investment plan, the 313
471+division shall recompute the amount transferred under 314
472+subparagraph 1. within 60 days after the actual transfer of 315
473+funds based upon the member's actual creditable service and 316
474+actual final average compensati on as of the initial date of 317
475+participation in the investment plan. If the recomputed amount 318
476+differs from the amount transferred by $10 or more, the division 319
477+shall: 320
478+ a. Transfer, or cause to be transferred, from the Florida 321
479+Retirement System Trust Fund to the member's account the excess, 322
480+if any, of the recomputed amount over the previously transferred 323
481+amount together with interest from the initial date of transfer 324
482+to the date of transfer under this subparagraph, based upon the 325
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491491 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
492492
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494494
495-written approval of the employer; 326
496- c. A properly completed DROP application for service 327
497-retirement as provided in this section; and 328
498- d. Any other information required by the division. 329
499- 3. The DROP participant is a retiree under the Florida 330
500-Retirement System for all purposes, except for paragraph (5)(f) 331
501-and subsection (9) and ss. 112.3173, 112.363, 121.053, and 332
502-121.122. DROP participation is final and may not be canceled by 333
503-the participant after the first payment is credited during the 334
504-DROP participation period. However, participation in DROP does 335
505-not alter the participant's employment status, and the member is 336
506-not deemed retired from employment until his or her deferred 337
507-resignation is effect ive and termination occurs as defined in s. 338
508-121.021. 339
509- 4. Elected officers are eligible to participate in DROP 340
510-subject to the following: 341
511- a. An elected officer who reaches normal retirement date 342
512-during a term of office may defer the election to participat e 343
513-until the next succeeding term in that office. An elected 344
514-officer who exercises this option may participate in DROP for up 345
515-to 96 60 calendar months or no longer than the succeeding term 346
516-of office, whichever is less. 347
517- b. An elected or a nonelected partic ipant may run for a 348
518-term of office while participating in DROP and, if elected, 349
519-extend the DROP termination date accordingly; however, if such 350
495+effective annual interest equa l to the assumed return on the 326
496+actuarial investment which was used in the most recent actuarial 327
497+valuation of the system, compounded annually. 328
498+ b. Transfer, or cause to be transferred, from the member's 329
499+account to the Florida Retirement System Trust Fund t he excess, 330
500+if any, of the previously transferred amount over the recomputed 331
501+amount, together with interest from the initial date of transfer 332
502+to the date of transfer under this subparagraph, based upon 6 333
503+percent effective annual interest, compounded annuall y, pro rata 334
504+based on the member's allocation plan. 335
505+ 3. If contribution adjustments are made as a result of 336
506+employer errors or corrections, including plan corrections, 337
507+following recomputation of the amount transferred under 338
508+subparagraph 1., the member is e ntitled to the additional 339
509+contributions or is responsible for returning any excess 340
510+contributions resulting from the correction. However, a return 341
511+of such erroneous excess pretax contribution by the plan must be 342
512+made within the period allowed by the Interna l Revenue Service. 343
513+The present value of the member's accumulated benefit obligation 344
514+may not be recalculated. 345
515+ 4. As directed by the member, the state board shall 346
516+transfer or cause to be transferred the appropriate amounts to 347
517+the designated accounts within 30 days after the effective date 348
518+of the member's participation in the investment plan unless the 349
519+major financial markets for securities available for a transfer 350
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528528 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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532-additional term of office exceeds the 96-month 60-month 351
533-limitation established in subparagraph 1., and the office r does 352
534-not resign from office within such 96-month 60-month limitation, 353
535-the retirement and the participant's DROP is null and void as 354
536-provided in sub-subparagraph (c)5.d. 355
537- c. An elected officer who is dually employed and elects to 356
538-participate in DROP must terminate all employment relationships 357
539-as provided in s. 121.021(39) for the nonelected position within 358
540-the original 96-month 60-month period or maximum participation 359
541-period as provided in subparagraph 1. For DROP participation 360
542-ending: 361
543- (I) Before July 1, 2010, the officer may continue 362
544-employment as an elected officer as provided in s. 121.053. The 363
545-elected officer shall be enrolled as a renewed member in the 364
546-Elected Officers' Class or the Regular Class, as provided in ss. 365
547-121.053 and 121.122, on the first day of the month after 366
548-termination of employment in the nonelected position and 367
549-termination of DROP. Distribution of the DROP benefits shall be 368
550-made as provided in paragraph (c). 369
551- (II) On or after July 1, 2010, the officer may continue 370
552-employment as an elected officer but must defer termination as 371
553-provided in s. 121.053. 372
554- (c) Benefits payable under DROP. — 373
555- 1. Effective on the date of DROP participation, the 374
556-member's initial normal monthly benefit, including creditable 375
532+are seriously disrupted by an unforeseen event that causes the 351
533+suspension of trading on a nati onal securities exchange in the 352
534+country where the securities were issued. In that event, the 30 -353
535+day period may be extended by a resolution of the state board. 354
536+Transfers are not commissionable or subject to other fees and 355
537+may be in the form of securities or cash, as determined by the 356
538+state board. Such securities are valued as of the date of 357
539+receipt in the member's account. 358
540+ 5. If the state board or the division receives 359
541+notification from the United States Internal Revenue Service 360
542+that this paragraph or any portion of this paragraph will cause 361
543+the retirement system, or a portion thereof, to be disqualified 362
544+for tax purposes under the Internal Revenue Code, the portion 363
545+that will cause the disqualification does not apply. Upon such 364
546+notice, the state board and th e division shall notify the 365
547+presiding officers of the Legislature. 366
548+ Section 4. Members of the Special Risk Class of the 367
549+Florida Retirement System who have not reached eligibility for 368
550+participation in the Deferred Retirement Option Program (DROP) 369
551+and who would be past their 12 -month DROP election limitation 370
552+period upon enactment of this act may apply for participation in 371
553+DROP within the 12 months immediately following the effective 372
554+date of this act. 373
555+ Section 5. The Legislature finds that a proper and 374
556+legitimate state purpose is served when employees and retirees 375
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565565 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
566566
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569-service, optional form of payment, and average final 376
570-compensation, and the effective date of retirement are fixed. 377
571-The beneficiary established under the Florida Retirement System 378
572-is the beneficiary eligible to receive any DROP benefits payable 379
573-if the DROP participant dies before completing the period of 380
574-DROP participation. If a joint annuitant predeceases the member, 381
575-the member may name a beneficiary to receive accumulated DROP 382
576-benefits payable. The retirement benefit, the annual cost of 383
577-living adjustments provided in s. 121.101, and interes t accrue 384
578-monthly in the Florida Retirement System Trust Fund. For members 385
579-whose DROP participation begins: 386
580- a. Before July 1, 2011, the interest accrues at an 387
581-effective annual rate of 6.5 percent compounded monthly, on the 388
582-prior month's accumulated ending balance, up to the month of 389
583-termination or death, except as provided in s. 121.053(7). 390
584- b. On or after July 1, 2011, through June 30, 2023, the 391
585-interest accrues at an effective annual rate of 1.3 percent, 392
586-compounded monthly, on the prior month's accumula ted ending 393
587-balance, up to the month of termination or death, except as 394
588-provided in s. 121.053(7). 395
589- c. On or after July 1, 2023, the interest accrues at an 396
590-effective annual rate of 4 percent, compounded monthly, on the 397
591-prior month's accumulated ending bala nce, up to the month of 398
592-termination or death, except as provided in s. 121.053(7). 399
593- 2. Each employee who elects to participate in DROP may 400
594-
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602-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
603-
604-
605-
606-elect to receive a lump -sum payment for accrued annual leave 401
607-earned in accordance with agency policy upon beginning 402
608-participation in DROP. The accumulated leave payment certified 403
609-to the division upon commencement of DROP shall be included in 404
610-the calculation of the member's average final compensation. The 405
611-employee electing the lump -sum payment is not eligible to 406
612-receive a second lump-sum payment upon termination, except to 407
613-the extent the employee has earned additional annual leave 408
614-which, combined with the original payment, does not exceed the 409
615-maximum lump-sum payment allowed by the employing agency's 410
616-policy or rules. An e arly lump-sum payment shall be based on the 411
617-hourly wage of the employee at the time he or she begins 412
618-participation in DROP. If the member elects to wait and receive 413
619-a lump-sum payment upon termination of DROP and termination of 414
620-employment with the employer , any accumulated leave payment made 415
621-at that time may not be included in the member's retirement 416
622-benefit, which was determined and fixed by law when the employee 417
623-elected to participate in DROP. 418
624- 3. The effective date of DROP participation and the 419
625-effective date of retirement of a DROP participant shall be the 420
626-first day of the month selected by the member to begin 421
627-participation in DROP, provided such date is properly 422
628-established, with the written confirmation of the employer, and 423
629-the approval of the divisio n, on forms required by the division. 424
630- 4. Normal retirement benefits and any interest continue to 425
631-
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639-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
640-
641-
642-
643-accrue in DROP until the established termination date of DROP or 426
644-until the member terminates employment or dies before such date, 427
645-except as provided in s. 12 1.053(7). Although individual DROP 428
646-accounts may not be established, a separate accounting of each 429
647-member's accrued benefits under DROP shall be calculated and 430
648-provided to the member. 431
649- 5. At the conclusion of the member's participation in 432
650-DROP, the division shall distribute the member's total 433
651-accumulated DROP benefits, subject to the following: 434
652- a. The division shall receive verification by the member's 435
653-employer or employers that the member has terminated all 436
654-employment relationships as provided in s. 121. 021(39). 437
655- b. The terminated DROP participant or, if deceased, the 438
656-member's named beneficiary, shall elect on forms provided by the 439
657-division to receive payment of the DROP benefits in accordance 440
658-with one of the options listed below. If a member or benefici ary 441
659-fails to elect a method of payment within 60 days after 442
660-termination of DROP, the division shall pay a lump sum as 443
661-provided in sub-sub-subparagraph (I). 444
662- (I) Lump sum.—All accrued DROP benefits, plus interest, 445
663-less withholding taxes remitted to the Int ernal Revenue Service, 446
664-shall be paid to the DROP participant or surviving beneficiary. 447
665- (II) Direct rollover. —All accrued DROP benefits, plus 448
666-interest, shall be paid from DROP directly to the custodian of 449
667-an eligible retirement plan as defined in s. 402(c )(8)(B) of the 450
668-
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676-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
677-
678-
679-
680-Internal Revenue Code. However, in the case of an eligible 451
681-rollover distribution to the surviving spouse of a deceased 452
682-member, an eligible retirement plan is an individual retirement 453
683-account or an individual retirement annuity as described i n s. 454
684-402(c)(9) of the Internal Revenue Code. 455
685- (III) Partial lump sum. —A portion of the accrued DROP 456
686-benefits shall be paid to DROP participant or surviving spouse, 457
687-less withholding taxes remitted to the Internal Revenue Service, 458
688-and the remaining DROP ben efits must be transferred directly to 459
689-the custodian of an eligible retirement plan as defined in s. 460
690-402(c)(8)(B) of the Internal Revenue Code. However, in the case 461
691-of an eligible rollover distribution to the surviving spouse of 462
692-a deceased member, an eligib le retirement plan is an individual 463
693-retirement account or an individual retirement annuity as 464
694-described in s. 402(c)(9) of the Internal Revenue Code. The 465
695-proportions must be specified by the DROP participant or 466
696-surviving beneficiary. 467
697- c. The form of payme nt selected by the DROP participant or 468
698-surviving beneficiary must comply with the minimum distribution 469
699-requirements of the Internal Revenue Code. 470
700- d. A DROP participant who fails to terminate all 471
701-employment relationships as provided in s. 121.021(39) shall be 472
702-deemed as not retired, and the DROP election is null and void. 473
703-Florida Retirement System membership shall be reestablished 474
704-retroactively to the date of the commencement of DROP, and each 475
705-
706-CS/CS/HB 239 2023
707-
708-
709-
710-CODING: Words stricken are deletions; words underlined are additions.
711-hb0239-02-c2
712-Page 20 of 43
713-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
714-
715-
716-
717-employer with whom the member continues employment must pay to 476
718-the Florida Retirement System Trust Fund the difference between 477
719-the DROP contributions paid in paragraph (i) and the 478
720-contributions required for the applicable Florida Retirement 479
721-System class of membership during the period the member 480
722-participated in DROP, plus 6.5 percent interest compounded 481
723-annually. 482
724- 6. The retirement benefits of any DROP participant who 483
725-terminates all employment relationships as p rovided in s. 484
726-121.021(39) but is reemployed in violation of the reemployment 485
727-provisions of subsection (9) are suspended during those months 486
728-in which the retiree is in violation. Any retiree in violation 487
729-of this subparagraph and any employer that employs or appoints 488
730-such person without notifying the division to suspend retirement 489
731-benefits are jointly and severally liable for any benefits paid 490
732-during the reemployment limitation period. The employer must 491
733-have a written statement from the retiree that he or she is not 492
734-retired from a state -administered retirement system. Any 493
735-retirement benefits received by a retiree while employed in 494
736-violation of the reemployment limitations must be repaid to the 495
737-Florida Retirement System Trust Fund, and his or her retirement 496
738-benefits shall remain suspended until payment is made. Benefits 497
739-suspended beyond the end of the reemployment limitation period 498
740-apply toward repayment of benefits received in violation of the 499
741-reemployment limitation. 500
742-
743-CS/CS/HB 239 2023
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745-
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747-CODING: Words stricken are deletions; words underlined are additions.
748-hb0239-02-c2
749-Page 21 of 43
750-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
751-
752-
753-
754- 7. The accrued benefits of any DROP parti cipant, and any 501
755-contributions accumulated under the program, are not subject to 502
756-assignment, execution, attachment, or any legal process except 503
757-for qualified domestic relations court orders, income deduction 504
758-orders as provided in s. 61.1301, and federal inc ome tax levies. 505
759- 8. DROP participants are not eligible for disability 506
760-retirement benefits as provided in subsection (4). 507
761- (d) Death benefits under DROP. — 508
762- 1. Upon the death of a DROP participant, the named 509
763-beneficiary is entitled to apply for and receiv e the accrued 510
764-benefits in DROP as provided in sub -subparagraph (c)5.b. 511
765- 2. The normal retirement benefit accrued to DROP during 512
766-the month of a participant's death is the final monthly benefit 513
767-credited for such DROP participant. 514
768- 3. Eligibility to partici pate in DROP terminates upon 515
769-death of the participant. If the participant dies on or after 516
770-the effective date of enrollment in DROP, but before the first 517
771-monthly benefit is credited to DROP, Florida Retirement System 518
772-benefits are paid in accordance with su bparagraph (7)(c)1. or 519
773-subparagraph 2. 520
774- 4. A DROP participant's survivors are not eligible to 521
775-receive Florida Retirement System death benefits as provided in 522
776-paragraph (7)(d). 523
777- (e) Cost-of-living adjustment.—On each July 1, the 524
778-participant's normal retir ement benefit shall be increased as 525
779-
780-CS/CS/HB 239 2023
781-
782-
783-
784-CODING: Words stricken are deletions; words underlined are additions.
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787-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
788-
789-
790-
791-provided in s. 121.101. 526
792- (f) Retiree health insurance subsidy. —DROP participants 527
793-are not eligible to apply for the retiree health insurance 528
794-subsidy payments as provided in s. 112.363 until such 529
795-participants have termina ted employment and participation in 530
796-DROP. 531
797- (g) Renewed membership. —DROP participants are not eligible 532
798-for renewed membership in the Florida Retirement System under 533
799-ss. 121.053 and 121.122 until all employment relationships are 534
800-terminated as provided in s. 121.021(39). 535
801- (h) Employment limitation after DROP participation. —Upon 536
802-termination as defined in s. 121.021, DROP participants are 537
803-subject to the same reemployment limitations as other retirees. 538
804-Reemployment restrictions applicable to retirees as provide d in 539
805-subsection (9) do not apply to DROP participants until their 540
806-employment and participation in DROP are terminated. 541
807- (i) Contributions.— 542
808- 1. All employers paying the salary of a DROP participant 543
809-filling a regularly established position shall contribut e 8.0 544
810-percent of such participant's gross compensation for the period 545
811-of July 1, 2002, through June 30, 2003, and the percentage of 546
812-such compensation required by s. 121.71 thereafter, which shall 547
813-constitute the entire employer DROP contribution with respec t to 548
814-such participant. Such contributions, payable to the Florida 549
815-Retirement System Trust Fund in the same manner as required in 550
816-
817-CS/CS/HB 239 2023
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819-
820-
821-CODING: Words stricken are deletions; words underlined are additions.
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824-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
825-
826-
827-
828-s. 121.071, must be made as appropriate for each pay period and 551
829-are in addition to contributions required for social security 552
830-and the Retiree Health Insurance Subsidy Trust Fund. Such 553
831-employer, social security, and health insurance subsidy 554
832-contributions are not included in DROP. 555
833- 2. The employer shall, in addition to subparagraph 1., 556
834-also withhold one-half of the entire social se curity 557
835-contribution required for the participant. Contributions for 558
836-social security by each participant and each employer, in the 559
837-amount required for social security coverage as provided by the 560
838-federal Social Security Act, are in addition to contributions 561
839-specified in subparagraph 1. 562
840- 3. All employers paying the salary of a DROP participant 563
841-filling a regularly established position shall contribute the 564
842-percent of such participant's gross compensation required in s. 565
843-121.071(4), which constitutes the employer 's health insurance 566
844-subsidy contribution with respect to such participant. Such 567
845-contributions must be deposited by the administrator in the 568
846-Retiree Health Insurance Subsidy Trust Fund. 569
847- (j) Forfeiture of retirement benefits. —This section does 570
848-not remove DROP participants from the scope of s. 8(d), Art. II 571
849-of the State Constitution, s. 112.3173, and paragraph (5)(f). 572
850-DROP participants who commit a specified felony offense while 573
851-employed are subject to forfeiture of all retirement benefits, 574
852-including DROP benefits, pursuant to those provisions of law. 575
853-
854-CS/CS/HB 239 2023
855-
856-
857-
858-CODING: Words stricken are deletions; words underlined are additions.
859-hb0239-02-c2
860-Page 24 of 43
861-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
862-
863-
864-
865- (k) Administration of program. —The division shall adopt 576
866-rules as necessary for the effective and efficient 577
867-administration of this subsection. The division is not required 578
868-to advise members of the federal tax c onsequences of an election 579
869-related to the DROP but may advise members to seek independent 580
870-advice. 581
871- Section 4. Subsection (5) of section 121.101, Florida 582
872-Statutes, is amended, and subsection (3) of that section is 583
873-republished, to read: 584
874- 121.101 Cost-of-living adjustment of benefits. — 585
875- (3) Commencing July 1, 1987, the benefit of each retiree 586
876-and annuitant whose effective retirement date is before July 1, 587
877-2011, shall be adjusted annually on July 1 as follows: 588
878- (a) For those retirees and annuitants who ha ve never 589
879-received a cost-of-living adjustment under this section, the 590
880-amount of the monthly benefit payable for the 12 -month period 591
881-commencing on the adjustment date shall be the amount of the 592
882-member's initial benefit plus an amount equal to a percentage o f 593
883-the member's initial benefit; this percentage is derived by 594
884-dividing the number of months the member has received an initial 595
885-benefit by 12, and multiplying the result by 3. 596
886- (b) For those retirees and annuitants who have received a 597
887-cost-of-living adjustment under this subsection, the adjusted 598
888-monthly benefit shall be the amount of the monthly benefit being 599
889-received on June 30 immediately preceding the adjustment date 600
890-
891-CS/CS/HB 239 2023
892-
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894-
895-CODING: Words stricken are deletions; words underlined are additions.
896-hb0239-02-c2
897-Page 25 of 43
898-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
899-
900-
901-
902-plus an amount equal to 3 percent of this benefit. 601
903- (5) Notwithstanding subsection (4), beginning on July 1, 602
904-2023, and each July 1 thereafter, the cost -of-living benefit of 603
905-each retiree and annuitant shall be adjusted Subject to the 604
906-availability of funding and the Legislature enacting sufficient 605
907-employer contributions specifically for the pu rpose of funding 606
908-the expiration of the cost -of-living adjustment specified in 607
909-subsection (4), in accordance with s. 14, Art. X of the State 608
910-Constitution, the cost -of-living adjustment formula provided for 609
911-in subsection (4) shall expire effective June 30, 2 016, and the 610
912-benefit of each retiree and annuitant shall be adjusted on each 611
913-July 1 thereafter, as provided in subsection (3). 612
914- Section 5. Paragraph (b) of subsection (3) of section 613
915-121.4501, Florida Statutes, is amended to read: 614
916- 121.4501 Florida Reti rement System Investment Plan. — 615
917- (3) RETIREMENT SERVICE CREDIT; TRANSFER OF BENEFITS. — 616
918- (b) Notwithstanding paragraph (a), an eligible employee 617
919-who elects to participate in, or who defaults into, the 618
920-investment plan and establishes one or more individual member 619
921-accounts may elect to transfer to the investment plan a sum 620
922-representing the present value of the employee's accumulated 621
923-benefit obligation under the pension plan, except as provided in 622
924-paragraph (4)(b). Upon transfer, all service credit earned und er 623
925-the pension plan is nullified for purposes of entitlement to a 624
926-future benefit under the pension plan. A member may not transfer 625
927-
928-CS/CS/HB 239 2023
929-
930-
931-
932-CODING: Words stricken are deletions; words underlined are additions.
933-hb0239-02-c2
934-Page 26 of 43
935-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
936-
937-
938-
939-the accumulated benefit obligation balance from the pension plan 626
940-after the time period for enrolling in the investment plan h as 627
941-expired. 628
942- 1. For purposes of this subsection, the present value of 629
943-the member's accumulated benefit obligation is based upon the 630
944-member's estimated creditable service and estimated average 631
945-final compensation under the pension plan, subject to 632
946-recomputation under subparagraph 2. For state employees, initial 633
947-estimates shall be based upon creditable service and average 634
948-final compensation as of midnight on June 30, 2002; for district 635
949-school board employees, initial estimates shall be based upon 636
950-creditable service and average final compensation as of midnight 637
951-on September 30, 2002; and for local government employees, 638
952-initial estimates shall be based upon creditable service and 639
953-average final compensation as of midnight on December 31, 2002. 640
954-The dates specified are the "estimate date" for these employees. 641
955-The actuarial present value of the employee's accumulated 642
956-benefit obligation shall be based on the following: 643
957- a. The discount rate and other relevant actuarial 644
958-assumptions used to value the Florida R etirement System Trust 645
959-Fund at the time the amount to be transferred is determined, 646
960-consistent with the factors provided in sub -subparagraphs b. and 647
961-c. 648
962- b. A benefit commencement age, based on the member's 649
963-estimated creditable service as of the estimate d ate. 650
964-
965-CS/CS/HB 239 2023
966-
967-
968-
969-CODING: Words stricken are deletions; words underlined are additions.
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972-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
973-
974-
975-
976- c. Except as provided under sub -subparagraph d., for a 651
977-member initially enrolled: 652
978- (I) Before July 1, 2011, the benefit commencement age is 653
979-the younger of the following, but may not be younger than the 654
980-member's age as of the estimate date: 655
981- (A) Age 62; or 656
982- (B) The age the member would attain if the member 657
983-completed 30 years of service with an employer, assuming the 658
984-member worked continuously from the estimate date, and 659
985-disregarding any vesting requirement that would otherwise apply 660
986-under the pension plan. 661
987- (II) On or after July 1, 2011, the benefit commencement 662
988-age is the younger of the following, but may not be younger than 663
989-the member's age as of the estimate date: 664
990- (A) Age 65; or 665
991- (B) The age the member would attain if the member 666
992-completed 33 years of service with an employer, assuming the 667
993-member worked continuously from the estimate date, and 668
994-disregarding any vesting requirement that would otherwise apply 669
995-under the pension plan. 670
996- d. For members of the Special Risk Class and for members 671
997-of the Special Risk Administrative Support Class entitled to 672
998-retain the special risk normal retirement date : 673
999- (I) Initially enrolled before July 1, 2011 , the benefit 674
1000-commencement age is the younger of the following, but may not be 675
1001-
1002-CS/CS/HB 239 2023
1003-
1004-
1005-
1006-CODING: Words stricken are deletions; words underlined are additions.
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1009-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
1010-
1011-
1012-
1013-younger than the member's age as of the estimate date: 676
1014- (I)(A) Age 55; or 677
1015- (II)(B) The age the member would attain if the member 678
1016-completed 25 years of service with an employer, assuming the 679
1017-member worked continuously from the estimate date, and 680
1018-disregarding any vesting requirement th at would otherwise apply 681
1019-under the pension plan. 682
1020- (II) Initially enrolled on or after July 1, 2011, the 683
1021-benefit commencement age is the younger of the following, but 684
1022-may not be younger than the member's age as of the estimate 685
1023-date: 686
1024- (A) Age 60; or 687
1025- (B) The age the member would attain if the member 688
1026-completed 30 years of service with an employer, assuming the 689
1027-member worked continuously from the estimate date, and 690
1028-disregarding any vesting requirement that would otherwise apply 691
1029-under the pension plan. 692
1030- e. The calculation must disregard vesting requirements and 693
1031-early retirement reduction factors that would otherwise apply 694
1032-under the pension plan. 695
1033- 2. For each member who elects to transfer moneys from the 696
1034-pension plan to his or her account in the investment pl an, the 697
1035-division shall recompute the amount transferred under 698
1036-subparagraph 1. within 60 days after the actual transfer of 699
1037-funds based upon the member's actual creditable service and 700
1038-
1039-CS/CS/HB 239 2023
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1041-
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1046-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
1047-
1048-
1049-
1050-actual final average compensation as of the initial date of 701
1051-participation in the investment plan. If the recomputed amount 702
1052-differs from the amount transferred by $10 or more, the division 703
1053-shall: 704
1054- a. Transfer, or cause to be transferred, from the Florida 705
1055-Retirement System Trust Fund to the member's account the excess, 706
1056-if any, of the recomputed amount over the previously transferred 707
1057-amount together with interest from the initial date of transfer 708
1058-to the date of transfer under this subparagraph, based upon the 709
1059-effective annual interest equal to the assumed return on the 710
1060-actuarial investment which was used in the most recent actuarial 711
1061-valuation of the system, compounded annually. 712
1062- b. Transfer, or cause to be transferred, from the member's 713
1063-account to the Florida Retirement System Trust Fund the excess, 714
1064-if any, of the previously transf erred amount over the recomputed 715
1065-amount, together with interest from the initial date of transfer 716
1066-to the date of transfer under this subparagraph, based upon 6 717
1067-percent effective annual interest, compounded annually, pro rata 718
1068-based on the member's allocatio n plan. 719
1069- 3. If contribution adjustments are made as a result of 720
1070-employer errors or corrections, including plan corrections, 721
1071-following recomputation of the amount transferred under 722
1072-subparagraph 1., the member is entitled to the additional 723
1073-contributions or is responsible for returning any excess 724
1074-contributions resulting from the correction. However, a return 725
1075-
1076-CS/CS/HB 239 2023
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1078-
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1083-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
1084-
1085-
1086-
1087-of such erroneous excess pretax contribution by the plan must be 726
1088-made within the period allowed by the Internal Revenue Service. 727
1089-The present value of the member's accumulated benefit obligation 728
1090-may not be recalculated. 729
1091- 4. As directed by the member, the state board shall 730
1092-transfer or cause to be transferred the appropriate amounts to 731
1093-the designated accounts within 30 days after the effective date 732
1094-of the member's participation in the investment plan unless the 733
1095-major financial markets for securities available for a transfer 734
1096-are seriously disrupted by an unforeseen event that causes the 735
1097-suspension of trading on a national securities exchange in the 736
1098-country where the securities were issued. In that event, the 30 -737
1099-day period may be extended by a resolution of the state board. 738
1100-Transfers are not commissionable or subject to other fees and 739
1101-may be in the form of securities or cash, as determined by the 740
1102-state board. Such securities are valued as of the date of 741
1103-receipt in the member's account. 742
1104- 5. If the state board or the division receives 743
1105-notification from the United States Internal Revenue Service 744
1106-that this paragraph or any portion of this paragraph will cause 745
1107-the retirement system, or a portion thereof, to be disqualified 746
1108-for tax purposes under the Internal Revenue Code, the portion 747
1109-that will cause the disqualification does not apply. Upon such 748
1110-notice, the state board and the division shall notify the 749
1111-presiding officers of the Legislature. 750
1112-
1113-CS/CS/HB 239 2023
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1120-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
1121-
1122-
1123-
1124- Section 6. Subsections (4) and (5) of section 121.71, 751
1125-Florida Statutes, are amended to read: 752
1126- 121.71 Uniform rates; process; calculations; levy. — 753
1127- (4) Required employer retirement contribution rates for 754
1128-each membership class a nd subclass of the Florida Retirement 755
1129-System for both retirement plans are as follows: 756
1130- 757
1131-Membership Class
1132-Percentage of
1133-Gross
1134-Compensation,
1135-Effective
1136-July 1, 2023 2022
1137- 758
1138-
1139- 759
1140-Regular Class 8.07% 5.96%
1141- 760
1142-Special Risk Class 24.47% 16.44%
1143- 761
1144-Special Risk
1145- Administrative
1146- Support Class 13.77% 10.77%
1147- 762
1148-Elected Officers' Class —
1149- Legislators, Governor, 11.72% 9.31%
1150-
1151-CS/CS/HB 239 2023
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1153-
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1158-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
1159-
1160-
1161-
1162- Lt. Governor,
1163- Cabinet Officers,
1164- State Attorneys,
1165- Public Defenders
1166- 763
1167-Elected Officers' Class —
1168- Justices, Judges 18.21% 14.41%
1169- 764
1170-Elected Officers' Class—
1171- County Elected Officers 14.03% 11.30%
1172- 765
1173-Senior Management Service Class 9.95% 7.70%
1174- 766
1175-DROP 11.63% 7.79%
1176- 767
1177- (5) In order to address unfunded actuarial liabilities of 768
1178-the system, the required employer retirement contribution rates 769
1179-for each membership class and subclass of the Florida Retirement 770
1180-System for both retirement plans are as follows: 771
1181- 772
1182-Membership Class
1183-Percentage of
1184-Gross
1185-Compensation,
1186-Effective
1187-July 1, 2023 2022
1188-
1189-CS/CS/HB 239 2023
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1196-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
1197-
1198-
1199-
1200- 773
1201-
1202- 774
1203-Regular Class 7.84% 4.23%
1204- 775
1205-Special Risk Class 19.51% 9.67%
1206- 776
1207-Special Risk
1208- Administrative
1209- Support Class 32.83% 26.16%
1210- 777
1211-Elected Officers' Class —
1212- Legislators, Governor,
1213- Lt. Governor,
1214- Cabinet Officers,
1215- State Attorneys,
1216- Public Defenders 54.55% 56.76%
1217- 778
1218-Elected Officers' Class —
1219- Justices, Judges 33.80% 27.64%
1220- 779
1221-Elected Officers' Class —
1222- County Elected Officers 48.77% 43.98%
1223- 780
1224-Senior Management Service Class 28.42% 22.15%
1225-
1226-CS/CS/HB 239 2023
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1233-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
1234-
1235-
1236-
1237- 781
1238-DROP 16.46% 9.15%
1239- 782
1240- Section 7. Subsection (6) of section 121.72, Florida 783
1241-Statutes, is amended, and subsection (7) is added to that 784
1242-section, to read: 785
1243- 121.72 Allocations to investment plan member accounts; 786
1244-percentage amounts.— 787
1245- (6) Effective July 1, 2022, through June 30, 2023, 788
1246-allocations from the Florida Retirement System Contributions 789
1247-Clearing Trust Fund to investment plan me mber accounts are as 790
1248-follows: 791
1249- 792
1250-Membership Class Percentage of
1251-Gross
1252-Compensation
1253- 793
1254-
1255- 794
1256-Regular Class 9.30%
1257- 795
1258-Special Risk Class 17.00%
1259- 796
1260-Special Risk Administrative Support Class 10.95%
1261- 797
1262-
1263-CS/CS/HB 239 2023
1264-
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1270-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
1271-
1272-
1273-
1274-Elected Officers' Class —
1275- Legislators, Governor,
1276- Lt. Governor, Cabinet Officers,
1277- State Attorneys, Public Defenders 12.38%
1278- 798
1279-Elected Officers' Class —
1280- Justices, Judges 16.23%
1281- 799
1282-Elected Officers' Class —
1283- County Elected Officers 14.34%
1284- 800
1285-Senior Management Service Class 10.67%
1286- 801
1287- (7) Effective July 1, 2023, allocations from the Florida 802
1288-Retirement System Contributions Clearing Trust Fund to 803
1289-investment plan member accounts are as follows: 804
1290- 805
1291-Membership Class Percentage of
1292-Gross
1293-Compensation
1294- 806
1295-
1296- 807
1297-Regular Class 10.30%
1298- 808
1299-
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1307-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
1308-
1309-
1310-
1311-Special Risk Class 18.00%
1312- 809
1313-Special Risk Administrative Support Class 11.95%
1314- 810
1315-Elected Officers' Class —
1316- Legislators, Governor,
1317- Lt. Governor, Cabinet Officers,
1318- State Attorneys, Public Defenders 13.38%
1319- 811
1320-Elected Officers' Class —
1321- Justices, Judges 17.23%
1322- 812
1323-Elected Officers' Class —
1324- County Elected Officers 15.34%
1325- 813
1326-Senior Management Service Class 11.67%
1327- 814
1328- Section 8. Section 121.73, Florida Statutes, is amended to 815
1329-read: 816
1330- 121.73 Allocations for member disability coverage; 817
1331-percentage amounts.— 818
1332- (1) The allocations established in this section subsection 819
1333-(3) shall be used to provide disability coverage for members in 820
1334-the investment plan and shall be transferred monthly by the 821
1335-Division of Retirement from the Florida Retirement System 822
1336-
1337-CS/CS/HB 239 2023
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1344-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
1345-
1346-
1347-
1348-Contributions Clearing Trust Fund to the disabilit y account of 823
1349-the Florida Retirement System Trust Fund. 824
1350- (2) The allocations are stated as a percentage of each 825
1351-investment plan member's gross compensation for the calendar 826
1352-month. A change in a contribution percentage is effective the 827
1353-first day of the mont h for which retirement contributions may be 828
1354-made on or after the beginning date of the change. Contribution 829
1355-percentages may be modified by general law. 830
1356- (3) Effective July 1, 2002, through June 30, 2023, 831
1357-allocations from the Florida Retirement System Cont ributions 832
1358-Clearing Trust Fund to provide disability coverage for members 833
1359-in the investment plan, and to offset the costs of administering 834
1360-said coverage, are as follows: 835
1361- 836
1362-Membership Class Percentage of
1363-Gross
1364-Compensation
1365- 837
1366-
1367- 838
1368-Regular Class 0.25%
1369- 839
1370-Special Risk Class 1.33%
1371- 840
1372-Special Risk Administrative Support Class 0.45%
1373-
1374-CS/CS/HB 239 2023
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1381-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
1382-
1383-
1384-
1385- 841
1386-Elected Officers' Class —
1387- Legislators, Governor,
1388- Lt. Governor, Cabinet Officers,
1389- State Attorneys, Public Defenders 0.41%
1390- 842
1391-Elected Officers' Class —
1392- Justices, Judges 0.73%
1393- 843
1394-Elected Officers' Class—
1395- County Elected Officers 0.41%
1396- 844
1397-Senior Management Service Class 0.26%
1398- 845
1399- (4) Effective July 1, 2023, allocations from the Florida 846
1400-Retirement System Contributions Clearing Trust Fund to provide 847
1401-disability coverage for members in the investment plan, and to 848
1402-offset the costs of administering said coverage, are as follows: 849
1403- 850
1404-Membership Class Percentage of
1405-Gross
1406-Compensation
1407- 851
1408-
1409- 852
1410-
1411-CS/CS/HB 239 2023
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1418-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
1419-
1420-
1421-
1422-Regular Class 0.27%
1423- 853
1424-Special Risk Class 1.61%
1425- 854
1426-Special Risk Administrative Support Class 0.47%
1427- 855
1428-Elected Officers' Class—
1429- Legislators, Governor,
1430- Lt. Governor, Cabinet Officers,
1431- State Attorneys, Public Defenders 0.46%
1432- 856
1433-Elected Officers' Class —
1434- Justices, Judges 0.77%
1435- 857
1436-Elected Officers' Class —
1437- County Elected Officers 0.44%
1438- 858
1439-Senior Management Service Class 0.29%
1440- 859
1441- Section 9. Section 121.735, Florida Statutes, is amended 860
1442-to read: 861
1443- 121.735 Allocations for member line -of-duty death 862
1444-benefits; percentage amounts. — 863
1445- (1) The allocations established in this section subsection 864
1446-(3) shall be used to prov ide line-of-duty death benefit coverage 865
1447-
1448-CS/CS/HB 239 2023
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1455-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
1456-
1457-
1458-
1459-for members in the investment plan and shall be transferred 866
1460-monthly by the division from the Florida Retirement System 867
1461-Contributions Clearing Trust Fund to the survivor benefit 868
1462-account of the Florida Retirement Syste m Trust Fund. 869
1463- (2) Such allocations are stated as a percentage of each 870
1464-investment plan member's gross compensation for the calendar 871
1465-month. Any change in a contribution percentage is effective the 872
1466-first day of the month for which retirement contributions m ay be 873
1467-made on or after the beginning date of the change. Contribution 874
1468-percentages may be modified by general law. 875
1469- (3) Before July 1, 2023, allocations from the Florida 876
1470-Retirement System Contributions Clearing Trust Fund to provide 877
1471-line-of-duty death benefits for members in the investment plan , 878
1472-and to offset the costs of administering said coverage, are as 879
1473-follows: 880
1474- 881
1475-Membership Class Percentage of
1476-Gross
1477-Compensation
1478- 882
1479-
1480- 883
1481-Regular Class 0.05%
1482- 884
1483-Special Risk Class 1.21%
1484-
1485-CS/CS/HB 239 2023
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1492-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
1493-
1494-
1495-
1496- 885
1497-Special Risk Administrative Support Class 0.03%
1498- 886
1499-Elected Officers' Class —
1500- Legislators, Governor,
1501- Lt. Governor, Cabinet Officers,
1502- State Attorneys, Public Defenders 0.15%
1503- 887
1504-Elected Officers' Class —
1505- Justices, Judges 0.09%
1506- 888
1507-Elected Officers' Class —
1508- County Elected Officers 0.20%
1509- 889
1510-Senior Management Service Class 0.05%
1511- 890
1512- (4) Effective July 1, 2023, allocations from the Florida 891
1513-Retirement System Contributions Clearing Trust Fund to provide 892
1514-line-of-duty death benefits for members in the investment plan, 893
1515-and to offset the costs of a dministering said coverage, are as 894
1516-follows: 895
1517- 896
1518-Membership Class Percentage of
1519-Gross
1520-Compensation
1521-
1522-CS/CS/HB 239 2023
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1529-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
1530-
1531-
1532-
1533- 897
1534-
1535- 898
1536-Regular Class 0.06%
1537- 899
1538-Special Risk Class 1.34%
1539- 900
1540-Special Risk Administrative Support Class 0.03%
1541- 901
1542-Elected Officers' Class —
1543- Legislators, Governor,
1544- Lt. Governor, Cabinet Officers,
1545- State Attorneys, Public Defenders 0.15%
1546- 902
1547-Elected Officers' Class —
1548- Justices, Judges 0.10%
1549- 903
1550-Elected Officers' Class —
1551- County Elected Officers 0.21%
1552- 904
1553-Senior Management Service Class 0.06%
1554- 905
1555- Section 10. The Legislature finds that a proper and 906
1556-legitimate state purpose is served when employees and retirees 907
1557-of the state and its political subdivisions, and the dependents, 908
1558-
1559-CS/CS/HB 239 2023
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1566-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
1567-
1568-
1569-
1570-survivors, and beneficiaries of such employees and retirees, are 909
1571-extended the basic prot ections afforded by governmental 910
1572-retirement systems. These persons must be provided benefits that 911
1573-are fair and adequate and that are managed, administered, and 912
1574-funded in an actuarially sound manner, as required by s. 14, 913
1575-Article X of the State Constitution and part VII of chapter 112, 914
1576-Florida Statutes. Therefore, the Legislature determines and 915
1577-declares that this act fulfills an important state interest. 916
1578- Section 11. This act shall take effect July 1, 2023. 917
569+of the state and its political subdivisions, and the dependents, 376
570+survivors, and beneficiaries of such employees and retirees, are 377
571+extended the basic prot ections afforded by governmental 378
572+retirement systems that provide fair and adequate benefits and 379
573+that are managed, administered, and funded in an actuarially 380
574+sound manner as required by s. 14, Art. X of the State 381
575+Constitution and part VII of chapter 112, Fl orida Statutes. 382
576+Therefore, the Legislature determines and declares that this act 383
577+fulfills an important state interest. 384
578+ Section 6. This act shall take effect July 1, 2023. 385