Florida Senate - 2023 SB 7024 By the Committee on Governmental Oversight and Accountability 585-02617-23 20237024__ 1 A bill to be entitled 2 An act relating to retirement; amending s. 121.71, 3 F.S.; revising required employer retirement 4 contribution rates for each membership class of the 5 Florida Retirement System; providing a declaration of 6 important state interest; providing an effective date. 7 8 Be It Enacted by the Legislature of the State of Florida: 9 10 Section 1.Subsections (4) and (5) of section 121.71, 11 Florida Statutes, are amended to read: 12 121.71Uniform rates; process; calculations; levy. 13 (4)Required employer retirement contribution rates for 14 each membership class and subclass of the Florida Retirement 15 System for both retirement plans are as follows: 16 17 Membership Class Percentage ofGrossCompensation,EffectiveJuly 1, 2023 2022 18 19 Regular Class 6.14% 5.96% 20 Special Risk Class 17.05% 16.44% 21 Special RiskAdministrativeSupport Class 10.75% 10.77% 22 Elected Officers ClassLegislators, Governor,Lt. Governor,Cabinet Officers,State Attorneys,Public Defenders 9.69% 9.31% 23 Elected Officers ClassJustices, Judges 14.64% 14.41% 24 Elected Officers ClassCounty Elected Officers 11.74% 11.30% 25 Senior Management Service Class 7.90% 7.70% 26 DROP 8.18% 7.79% 27 (5)In order to address unfunded actuarial liabilities of 28 the system, the required employer retirement contribution rates 29 for each membership class and subclass of the Florida Retirement 30 System for both retirement plans are as follows: 31 32 Membership Class Percentage ofGrossCompensation,EffectiveJuly 1, 2023 2022 33 34 Regular Class 4.72% 4.23% 35 Special Risk Class 10.83% 9.67% 36 Special RiskAdministrativeSupport Class 25.02% 26.16% 37 Elected Officers ClassLegislators, Governor,Lt. Governor,Cabinet Officers,State Attorneys,Public Defenders 49.85% 56.76% 38 Elected Officers ClassJustices, Judges 27.63% 27.64% 39 Elected Officers ClassCounty Elected Officers 44.04% 43.98% 40 Senior Management Service Class 23.61% 22.15% 41 DROP 10.01% 9.15% 42 Section 2.The Legislature finds that a proper and 43 legitimate state purpose is served when employees, officers, and 44 retirees of the state and its political subdivisions, and the 45 dependents, survivors, and beneficiaries of such employees, 46 officers, and retirees, are extended the basic protections 47 afforded by governmental retirement systems. These persons must 48 be provided benefits that are fair and adequate and that are 49 managed, administered, and funded in an actuarially sound manner 50 as required by s. 14, Article X of the State Constitution and 51 part VII of chapter 112, Florida Statutes. Therefore, the 52 Legislature determines and declares that this act fulfills an 53 important state interest. 54 Section 3.This act shall take effect July 1, 2023.