HB 151 2024
CODING: Words stricken are deletions; words underlined are additions.
hb0151-00
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
A bill to be entitled 1
An act relating to cost -of-living adjustment of 2
retirement benefits; amending s. 121.101, F.S.; 3
revising how the cost -of-living adjustment of benefits 4
for certain retirees and beneficiaries is calculated; 5
providing a declaration of important state interest; 6
providing an effective date. 7
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Be It Enacted by the Legislature of the State of Florida: 9
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Section 1. Subsection (5) of section 121.101, Florida 11
Statutes, is amended, and subsection (3) of that section is 12
republished, to read: 13
121.101 Cost-of-living adjustment of benefits. — 14
(3) Commencing July 1, 1987, the benefit of each retiree 15
and annuitant whose effective retirement date is before July 1, 16
2011, shall be adjusted annually on July 1 as follows: 17
(a) For those retirees and annuitants who have never 18
received a cost-of-living adjustment under this section, the 19
amount of the monthly benefit payable for the 12 -month period 20
commencing on the adjustme nt date shall be the amount of the 21
member's initial benefit plus an amount equal to a percentage of 22
the member's initial benefit; this percentage is derived by 23
dividing the number of months the member has received an initial 24
benefit by 12, and multiplying the result by 3. 25
HB 151 2024
CODING: Words stricken are deletions; words underlined are additions.
hb0151-00
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
(b) For those retirees and annuitants who have received a 26
cost-of-living adjustment under this subsection, the adjusted 27
monthly benefit shall be the amount of the monthly benefit being 28
received on June 30 immediately preceding the adjust ment date 29
plus an amount equal to 3 percent of this benefit. 30
(5) Notwithstanding subsection (4), beginning July 1, 31
2024, and each July 1 thereafter, the cost -of-living benefit of 32
each retiree and annuitant shall be adjusted subject to the 33
availability of funding and the Legislature enacting sufficient 34
employer contributions specifically for the purpose of funding 35
the expiration of the cost -of-living adjustment specified in 36
subsection (4), in accordance with s. 14, Art. X of the State 37
Constitution, the cos t-of-living adjustment formula provided for 38
in subsection (4) shall expire effective June 30, 2016, and the 39
benefit of each retiree and annuitant shall be adjusted on each 40
July 1 thereafter, as provided in subsection (3). 41
Section 2. The Legislature finds that a proper and 42
legitimate state purpose is served when employees and retirees 43
of the state and its political subdivisions, and the dependents, 44
survivors, and beneficiaries of such employees and retirees, are 45
extended the basic protections afforded by governmental 46
retirement systems that provide fair and adequate benefits and 47
that are managed, administered, and funded in an actuarially 48
sound manner as required by s. 14, Art. X of the State 49
Constitution and part VII of chapter 112, Florida Statutes. 50
HB 151 2024
CODING: Words stricken are deletions; words underlined are additions.
hb0151-00
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
Therefore, the Legislature determines and declares that this act 51
fulfills an important state interest. 52
Section 3. This act shall take effect July 1, 2024. 53