HB 945 2025
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hb945-00
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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 the amount of the Florida Retirement System 4
annual cost-of-living adjustment; revising how the 5
cost-of-living adjustment of benefits for certain 6
retirees and beneficiaries is calculated; providing a 7
declaration of important state interest; providing an 8
effective date. 9
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Be It Enacted by the Legislature of the State of Florida: 11
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Section 1. Subsections (5) through (9) of section 121.101, 13
Florida Statutes, are renumbered as subsection (6) through (10), 14
respectively, subsection (4) is amended, and a new subsection 15
(5) is added to that section, to read: 16
121.101 Cost-of-living adjustment of benefits. — 17
(4) Commencing for members whose effective retirement date 18
is on or after July 1, 2011, the benefit of each retiree and 19
annuitant whose retirement date is before July 1, 2025, shall be 20
adjusted annually on July 1 as follows: 21
(a) For those retirees and annuitants who have never 22
received a cost-of-living adjustment under this subsection, the 23
amount of the monthly benefit payable for the 12 -month period 24
commencing on the adjustment date shall be the amount o f the 25
HB 945 2025
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hb945-00
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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
member's initial benefit plus an amount equal to a percentage of 26
the member's initial benefit. This percentage is derived by 27
dividing the number of months the member has received an initial 28
benefit by 12, and multiplying the result by the factor 29
calculated pursuant to paragraph (c). 30
(b) For those retirees and annuitants who have received a 31
cost-of-living adjustment under this subsection, the adjusted 32
monthly benefit shall be the amount of the monthly benefit being 33
received on June 30 immediately pre ceding the adjustment date 34
plus an amount determined by multiplying the benefit by the 35
factor calculated pursuant to paragraph (c). 36
(c) The department shall calculate a cost -of-living factor 37
for each retiree and beneficiary retiring on or after July 1, 38
2011. This factor shall equal the product of 3 percent 39
multiplied by the quotient of the sum of the member's service 40
credit earned for service before July 1, 2011, divided by the 41
sum of the member's total service credit earned. Effective July 42
1, 2025, this factor may not be below 2 percent. 43
(5) For members whose effective retirement date is on or 44
after July 1, 2025, the benefit of each retiree and annuitant 45
shall be adjusted annually on July 1 as follows: 46
(a) For those retirees and annuitants who have ne ver 47
received a cost-of-living adjustment under this section, the 48
amount of the monthly benefit payable for the 12 -month period 49
commencing on the adjustment date shall be the amount of the 50
HB 945 2025
CODING: Words stricken are deletions; words underlined are additions.
hb945-00
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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
member's initial benefit plus an amount equal to a percentage of 51
the member's initial benefit. This percentage is derived by 52
dividing the number of months the member has received an initial 53
benefit by 12, and multiplying the result by 2. 54
(b) For those retirees and annuitants who have received a 55
cost-of-living adjustment under this subsection, the adjusted 56
monthly benefit shall be the amount of the monthly benefit being 57
received on June 30 immediately preceding the adjustment date 58
plus an amount equal to 2 percent of this benefit. 59
Section 2. The Legislature finds that a proper and 60
legitimate state purpose is served when employees and retirees 61
of the state and its political subdivisions, and the dependents, 62
survivors, and beneficiaries of such employees and retirees, are 63
extended the basic protections afforded by governm ental 64
retirement systems that provide fair and adequate benefits and 65
that are managed, administered, and funded in an actuarially 66
sound manner as required by s. 14, Art. X of the State 67
Constitution and part VII of chapter 112, Florida Statutes. 68
Therefore, the Legislature determines and declares that this act 69
fulfills an important state interest. 70
Section 3. This act shall take effect July 1, 2025. 71