Florida Senate Bill S7024 Latest Draft

 Florida Senate - 2024 SB 7024  By the Committee on Governmental Oversight and Accountability 585-01985-24 20247024__ 1 A bill to be entitled 2 An act relating to employer contributions to fund 3 retiree benefits; amending s. 121.71, F.S.; revising 4 required employer retirement contribution rates for 5 each membership class and subclass of the Florida 6 Retirement System; providing a declaration of 7 important state interest; providing an effective date. 8 9 Be It Enacted by the Legislature of the State of Florida: 10 11 Section 1.Subsections (4) and (5) of section 121.71, 12 Florida Statutes, are amended to read: 13 121.71Uniform rates; process; calculations; levy. 14 (4)Required employer retirement contribution rates for 15 each membership class and subclass of the Florida Retirement 16 System for both retirement plans are as follows: 17 18 Membership Class Percentage ofGrossCompensation,EffectiveJuly 1, 2024 2023 19 20 Regular Class 6.70% 6.73% 21 Special Risk Class 18.39% 18.66% 22 Special RiskAdministrativeSupport Class 10.92% 11.54% 23 Elected Officers ClassLegislators, Governor,Lt. Governor,Cabinet Officers,State Attorneys,Public Defenders 10.68% 10.45% 24 Elected Officers ClassJustices, Judges 14.50% 14.90% 25 Elected Officers ClassCounty Elected Officers 12.22% 12.39% 26 Senior Management Service Class 8.44% 8.56% 27 DROP 8.46% 8.49% 28 (5)In order to address unfunded actuarial liabilities of 29 the system, the required employer retirement contribution rates 30 for each membership class and subclass of the Florida Retirement 31 System for both retirement plans are as follows: 32 33 Membership Class Percentage ofGrossCompensation,EffectiveJuly 1, 2024 2023 34 35 Regular Class 4.81% 4.78% 36 Special Risk Class 12.00% 11.95% 37 Special RiskAdministrativeSupport Class 25.90% 26.22% 38 Elected Officers ClassLegislators, Governor,Lt. Governor,Cabinet Officers,State Attorneys,Public Defenders 49.81% 50.21% 39 Elected Officers ClassJustices, Judges 28.39% 27.93% 40 Elected Officers ClassCounty Elected Officers 43.44% 44.23% 41 Senior Management Service Class 22.72% 23.90% 42 DROP 10.51% 10.64% 43 Section 2.The Legislature finds that a proper and 44 legitimate state purpose is served when employees, officers, and 45 retirees of the state and its political subdivisions, and the 46 dependents, survivors, and beneficiaries of such employees, 47 officers, and retirees, are extended the basic protections 48 afforded by governmental retirement systems. These persons must 49 be provided benefits that are fair and adequate and that are 50 managed, administered, and funded in an actuarially sound manner 51 as required by s. 14, Article X of the State Constitution and 52 part VII of chapter 112, Florida Statutes. Therefore, the 53 Legislature determines and declares that this act fulfills an 54 important state interest. 55 Section 3.This act shall take effect July 1, 2024.