The Florida Senate
BILL ANALYSIS AND FISCAL IMPACT STATEMENT
(This document is based on the provisions contained in the legislation as of the latest date listed below.)
Prepared By: The Professional Staff of the Committee on Governmental Oversight and Accountability
BILL: SPB 7022
INTRODUCER: For consideration by the Governmental Oversight and Accountability Committee
SUBJECT: Employer Contributions to Fund Retiree Benefits
DATE: March 17, 2025
ANALYST STAFF DIRECTOR REFERENCE ACTION
1. McVaney McVaney Pre-meeting
I. Summary:
SPB 7022 establishes the contribution rates paid by employers that participate in the Florida
Retirement System (FRS), beginning July 1, 2025. These rates are intended to fund the full
normal cost and the amortization of the unfunded actuarial liability (UAL) of the FRS. With
these modifications to employer contribution rates, the FRS Trust Fund will receive roughly
$310.2 million more in revenue on an annual basis beginning July 1, 2025, when compared to
the employer contributions generated based on the current statutory contribution rates. The
public employers that will incur these additional costs are state agencies, state universities and
colleges, school districts, counties, municipalities, and other governmental entities that
participate in the FRS.
The bill also allows an elected officer, other than an officer serving as a legislator, who has
completed his or her Deferred Optional Retirement Program (DROP) participation, to receive the
DROP accumulations after reaching the age of 59½ years without terminating from the office.
This is the only authorized in-service distribution for the FRS.
The Department of Management Services and the State Board of Administration must take
appropriate steps to recoup any DROP accumulations distributed to an elected officer if the
DROP accumulations would have been subject to forfeiture based on the elected officer’s
conviction for certain crimes.
The bill will have a fiscal impact on state funds appropriated by the Legislature for employee
benefits. The bill will increase the amounts, in the aggregate, that employers participating in the
FRS must contribute for retiree benefits. See Section V.
The bill takes effect July 1, 2025.
REVISED: BILL: SPB 7022 Page 2
II. Present Situation:
The Florida Retirement System (FRS)
The Florida Retirement System (FRS) was established in 1970 when the Legislature consolidated
the Teachers’ Retirement System, the State and County Officers and Employees’ Retirement
System, and the Highway Patrol Pension Fund. In 1972, the Judicial Retirement System was
consolidated into the FRS, and in 2007, the Institute of Food and Agricultural Sciences
Supplemental Retirement Program was consolidated under the Regular Class of the FRS as a
closed group.
1
The FRS is a contributory system, with active members contributing three percent
of their salaries.
2
The FRS is a multi-employer plan, governed by ch. 121, F.S., the “Florida Retirement System
Act.” As of June 30, 2024, the FRS had 659,233 active non-retired members, 459,428 annuitants,
14,171 disabled retirees, and 29,017 active participants of the Deferred Retirement Option
Program (DROP).
3
As of June 30, 2024, the FRS consisted of 995 total employers; it is the
primary retirement plan for employees of state and county government agencies, district school
boards, Florida College institutions, and state universities, and includes the 184 cities and 152
special districts that have elected to join the system.
4
The membership of the FRS is divided into five membership classes:
• The Regular Class
5
consists of 560,396 active members and 9,247 in renewed membership;
• The Special Risk Class
6
includes 77,990 active members and 1,328 in renewed membership;
• The Special Risk Administrative Support Class
7
has 102 active members and four in renewed
membership;
• The Elected Officers’ Class
8
has 2,086 active members and 110 in renewed membership; and
1
Florida Department of Management Services (DMS), Division of Retirement, Florida Retirement System Summary Plan
Description, (July 1, 2024), https://frs.fl.gov/forms/spd-pp.pdf (last visited Mar. 13, 2025).
2
Prior to 1975, members of the FRS were required to make employee contributions of either 4 percent for Regular Class
employees or 6 percent for Special Risk Class members. Employees were again required to contribute to the system after
July 1, 2011. See, ch. 2011-68, s. 33, Laws of Fla. Members in the Deferred Retirement Option Program do not contribute to
the system.
3
DMS, Division of Retirement, Florida Retirement System Pension Plan and Other State Administered Retirement Systems
FY 2023-24 Annual Comprehensive Financial Report, at 198, available at https://frs.fl.gov/forms/2023-24_ACFR.pdf (last
visited Mar. 13, 2025).
4
DMS, Division of Retirement, Participating Employers for Fiscal Year 2024-2025 (Dec. 2024), available at
https://frs.fl.gov/forms/part-emp.pdf (last visited Mar. 13, 2025).
5
The Regular Class is for all members who are not assigned to another class. Section 121.021(12), F.S.
6
The Special Risk Class is for members employed as law enforcement officers, firefighters, correctional officers, probation
officers, paramedics and emergency technicians, among others. Section 121.0515, F.S. See also, DMS, FRS Pension Plan
Member Handbook, 9-14 (2024), available at https://frs.fl.gov/forms/member_handbook.pdf (last visited Mar. 13, 2025).
7
The Special Risk Administrative Support Class is for a special risk member who moved or was reassigned to a nonspecial
risk law enforcement, firefighting, correctional, or emergency medical care administrative support position with the same
agency, or who is subsequently employed in such a position under the Florida Retirement System. Section 121.0515(8), F.S.
8
The Elected Officers’ Class includes elected state and county officers, and those elected municipal or special district
officers whose governing body has chosen Elected Officers’ Class participation for its elected officers. Section 121.052, F.S. BILL: SPB 7022 Page 3
• The Senior Management Service Class
9
has 7,819 active members and 248 in renewed
membership.
10
Each class is funded separately based upon the costs attributable to the members of that class.
Members of the FRS have two primary plan options available for participation:
11
• The defined contribution plan, also known as the Investment Plan; and
• The defined benefit plan, also known as the Pension Plan.
Investment Plan
In 2000, the Public Employee Optional Retirement Program (investment plan) was created as a
defined contribution plan offered to eligible employees as an alternative to the FRS Pension
Plan.
12
Benefits under the investment plan accrue in individual member accounts funded by both
employee and employer contributions and earnings. Benefits are provided through employee-
directed investments offered by approved investment providers.
13
A member vests immediately in all employee contributions paid to the investment plan.
14
With
respect to the employer contributions, a member vests after completing one work year of
employment with an FRS employer.
15
Vested benefits are payable upon termination or death as a
lump-sum distribution, direct rollover distribution, or periodic distribution.
16
The investment
plan also provides disability coverage for both in-line-of-duty and regular disability retirement
benefits.
17
An FRS member who qualifies for disability while enrolled in the investment plan
may apply for benefits as if the employee were a member of the pension plan. If approved for
retirement disability benefits, the member is transferred to the pension plan.
18
9
The Senior Management Service Class is for members who fill senior management level positions assigned by law to the
Senior Management Service Class or authorized by law as eligible for Senior Management Service designation. Section
121.055, F.S.
10
All figures are from Florida Retirement System Pension Plan and Other State Administered Retirement Systems FY 2023-
24 Annual Comprehensive Financial Report, at 201.
11
Florida State Board of Administration (SBA), Plan Comparison Chart (Jul. 2020), available at
https://www.myfrs.com/pdf/forms/plancomparison.pdf (last visited Mar. 13, 2025).
12
See, ch. 2000-169, Laws of Fla.
13
Section 121.4501(1), F.S.
14
Section 121.4501(6)(a), F.S.
15
If a member terminates employment before vesting in the investment plan, the nonvested money is transferred from the
member’s account to the SBA for deposit and investment by the SBA in its suspense account for up to five years. If the
member is not reemployed as an eligible employee within five years, any nonvested accumulations transferred from a
member’s account to the SBA’s suspense account are forfeited. Section 121.4501(6)(b)-(d), F.S.
16
Section 121.591, F.S.
17
See s. 121.4501(16), F.S.
18
Pension plan disability retirement benefits, which apply for investment plan members who qualify for disability,
compensate a line-of-duty disabled member up to 65 percent of the average monthly compensation as of the disability
retirement date for special risk class members. Other members may receive up to 42 percent of the member’s average
monthly compensation for disability retirement benefits. If the disability occurs other than in the line-of-duty, the monthly
benefit may not be less than 25 percent of the average monthly compensation as of the disability retirement date.
Section 121.091(4)(f), F.S. BILL: SPB 7022 Page 4
The State Board of Administration (SBA) is primarily responsible for administering the
investment plan.
19
The Board of Trustees of the SBA is comprised of the Governor as chair, the
Chief Financial Officer, and the Attorney General.
20
Pension Plan
The pension plan is administered by the Secretary of Management Services (DMS) through the
Division of Retirement.
21
The State Board of Administration manages the pension fund’s assets.
Any member initially enrolled in the pension plan before July 1, 2011, vests in the pension plan
after completing six years of service with an FRS employer.
22
For members initially enrolled on
or after July 1, 2011, the member vests in the pension plan after eight years of creditable
service.
23
Benefits payable under the pension plan are calculated based on the member’s years of
creditable service multiplied by the service accrual rate multiplied by the member’s average final
compensation.
24
For most current members of the pension plan, normal retirement (when first
eligible for unreduced benefits) occurs at the earliest attainment of 30 years of service or age
62.
25
For public safety employees in the Special Risk and Special Risk Administrative Support
Classes, normal retirement is the earliest of 25 years of service or age 55.
26
Members, other than
Special Risk Class members, initially enrolled in the pension plan on or after July 1, 2011, have
longer service requirements. For members initially enrolled after that date, the member must
complete 33 years of service or attain age 65.
27
Deferred Optional Retirement Program (DROP)
DROP
28
allows eligible members
29
of the FRS Pension Plan to participate in the program and
defer receipt of retirement benefits while continuing employment with his or her FRS employer.
The deferred monthly benefits accrue, plus interest, on behalf of the employee, for the period the
member participates in DROP. Upon termination of the employment with all participating FRS
employers, the member receives the total DROP benefits and begins to receive the previously
determined normal retirement amounts.
30
For retirements after July 1, 2010, for termination of
employment to occur, an employee cannot be employed for six calendar months.
31
Elected
officers participating in DROP are also subject to the same termination requirements to access
their accrued DROP benefit.
32
19
Section 121.4501(8), F.S.
20
FLA. CONST. art. IV, s. 4.
21
Section 121.025, F.S.
22
Section 121.021(45)(a), F.S.
23
Section 121.021(45)(b), F.S.
24
Section 121.091, F.S. See also, DMS, FRS Pension Plan Member Handbook, 29 (2024),
https://frs.fl.gov/forms/member_handbook.pdf (last visited Mar. 13, 2025).
25
Section 121.021(29)(a)1., F.S.
26
Section 121.021(29)(b), F.S.
27
Sections 121.021(29)(a)2., F.S.
28
Section 121.091(13), F.S.
29
Section 121.091(13)(a), F.S.
30
Id.
31
Section 121.021(39)(a)2., F.S.
32
121.053,(3)(b), F.S. BILL: SPB 7022 Page 5
If a DROP participant, other than an elected officer, continues employment after the end of the
member’s DROP period, the member shall be deemed not retired and the DROP election is
deemed null and void. The member’s class membership is reestablished retroactive to the DROP
entry date, and the employer must pay the FRS the difference between the DROP contribution
rates and the member’s class contribution rates, plus 6.5 percent interest for the period of the
member’s voided DROP participation.
33
An elected officer may participate in DROP but is not subject to termination or reemployment
limitations until the member no longer holds elective office. If the elected officer’s DROP
participation began before July 1, 2010, the DROP accumulations continue to earn interest until
distributed at termination. If the DROP participation began on or after July 1, 2010, the earning
of interest ceases at the end of DROP period. Until termination (no longer holding elected
office), the elected officer may not receive the DROP accumulations or the monthly retirement
benefit.
34
In-service distributions and Termination of employment
The FRS is a 401(a) qualified plan under the Internal Revenue Code (IRC). Accordingly, FRS
contributions qualify for tax deductions and investment earnings are tax deferred until distributed
to retirees. Federal regulations require 401(a) qualified plans to be established by an employer
primarily to provide regular and clearly defined benefits to its employees over an extended
period, typically for life, following retirement or upon reaching the normal retirement age.
35
Retirement involves more than just a decrease in the hours worked by an employee. Therefore,
retirement benefits cannot be distributed solely because an employee’s hours have been reduced
before reaching normal retirement age.
36
Florida law prohibits a pension benefit from being made prior to participation in DROP or
termination of employment.
37
The law applies the same definition of termination of employment
for retirements occurring either before or after normal retirement age. Thus, determining whether
a bona fide termination of employment has occurred is crucial for both the tax-exempt
qualification of the FRS and state statutory compliance purposes.
The Internal Revenue Service (IRS), the federal agency responsible for administering the IRC,
has not provided an objective test for determining whether a bona fide termination of
employment has occurred. Instead, the IRS has applied Treasury Regulation 1.409A-1(h)(l)(ii),
which states whether a termination of employment has occurred is determined based on whether
the facts and circumstances indicate that the employer and employee reasonably anticipated that
no further services would be performed after a certain date
38
or that the level of bona fide
33
Section 121.091(13)(c)5.d., F.S.
34
Section 121.053(7), F.S.
35
26 CFR § 1.401(a)-1(b)(1)(i).
36
26 CFR § 1.401(a)-1(b)(3).
37
Section 121.091, F.S.
38
The regulation provides that the employment relationship is treated as continuing intact while the individual is on a bona
fide leave of absence if the leave does not exceed 6 months, or if longer, as long as the individual retains a right to
reemployment pursuant to statute or contract. The IRS explains in the preamble to the regulation that “a bona fide leave of
absence refers to a leave of absence where there is a reasonable expectation the service provider will return to service with BILL: SPB 7022 Page 6
services the employee would perform after such date would permanently decrease to no more
than 20 percent of the average level of bona fide services performed over the immediately
preceding 36-month period. However, when applying the regulation in the context of a 401(a)
plan, the IRS has opined that “if both the employer and employee know at the time of
‘retirement’ that the employee will, with reasonably [sic] certainty, continue to perform services
for the employer, a termination of employment has not occurred upon ‘retirement’ and the
employee has not legitimately retired.”
39
In order to apply the requirement of a bona fide termination, Florida law has incorporated the
federal regulation and further has implemented a reemployment limitation period in which an
FRS retiree may not be reemployed
40
by an FRS employer within 6 months of termination.
41
In
addition, if the retiree is reemployed by an FRS employer during months 7 through 12, the
retiree’s retirement benefit for those months is suspended and forfeited.
42
After the 12-month
reemployment limitation period, there are no restrictions on receiving both a salary and
retirement benefits when reemployed by an FRS employer.
43
Optional Retirement Programs
Eligible employees may choose to participate in one of three retirement programs instead of
participating in the FRS:
• Members of the Senior Management Service Class may elect to enroll in the Senior
Management Service Optional Annuity Program;
44
• Members in specified positions in the State University System may elect to enroll in the State
University System Optional Retirement Program (SUSORP);
45
and
• Members in specified positions at a Florida College institution may elect to enroll in the State
Community College System Optional Retirement Program.
46
the service recipient.” Department of the Treasury, Internal Revenue Service, Application of Section 409A to Nonqualified
Deferred Compensation Plans, 26 CFR Part I [TD 9321], RIN 1545-BE79 (Dated April 17, 2007).
39
IRS PLR 201147038.
40
For purposes of the reemployment limitation period, the term “employment” includes the provision of services. Section
121.021(39), F.S.
41
Section 121.021(39), F.S.
42
Section 121.021(9)(c), F.S.
43
However, for reemployed members, the FRS employer must pay retirement contributions in an amount equal to the
unfunded actuarial liability portion of the employer contribution that would be required for active members of the FRS in
addition to the contributions for social security and for the retiree health insurance subsidy. S. 121.091(9)(c)2., F.S.
44
The Senior Management Service Optional Annuity Program (SMSOAP) was established in 1986 for members of the
Senior Management Service Class. Employees in eligible positions may irrevocably elect to participate in the SMSOAP
rather than the FRS. Effective July 1, 2017, the SMSOAP is closed to new members. Section 121.055(6), F.S. See also,
Florida DMS, Senior Management Service Optional Annuity Program,
https://www.dms.myflorida.com/workforce_operations/retirement/optional_retirement_programs/senior_management_servic
e_optional_annuity_program (last visited Mar. 13, 2025).
45
Eligible participants of the State University System Optional Retirement Program (SUSORP) are automatically enrolled in
the SUSORP. However, the member must execute a contract with a SUSORP provider within the first 90 days of
employment or the employee will default into the pension plan. If the employee decides to remain in the SUSORP, the
decision is irrevocable, and the member must remain in the SUSORP as long as the member remains in a SUSORP-eligible
position. Section 121.35(3)(c), F.S.
46
If the member is eligible for participation in a State Community College System Optional Retirement Program, the member
must elect to participate in the program within 90 days of employment. Unlike the other optional programs, an employee who
elects to participate in this optional retirement program has one opportunity to transfer to the FRS. Section 1012.875, F.S. BILL: SPB 7022 Page 7
The SUSORP requires each employee to contribute three percent
47
of his or her gross
compensation to the plan, and the employer must contribute the difference between the current
employee contribution (3 percent) and 8.15 percent of the employee’s gross monthly
compensation (currently, the employer contribution is 5.15%).
48
The state university employer is
also required to contribute an amount equal to the UAL contribution to the FRS Trust Fund.
49
Contribution Rates
Employers that participate in the FRS must contribute a specific percentage of the members’
monthly compensation to the Division of Retirement to be distributed into the FRS Contributions
Clearing Trust Fund. The employer contribution rate is a blended contribution rate set by statute,
which is the same percentage regardless of whether the member participates in the pension plan
or the investment plan.
50
The rate is determined annually based on an actuarial study by the DMS
that calculates the necessary level of funding to support all of the benefit obligations under both
FRS retirement plans.
In the annual actuarial valuation of the Florida Retirement System based on July 1, 2024, plan
assets and liabilities, Milliman, Inc., the state actuary, determined the following key data relating
to the FRS pension plan:
51
Valuation Results (in $ billions)
July 1, 2021 July 1, 2022 July 1, 2023 July 1, 2024
Actuarial Liability $209.6 $217.4 $226.2 $237.4
Actuarial Value of Assets $174.9 $179.2 $184.2 $191.6
Unfunded Actuarial Liability $34.7 $38.3 $42.0 $45.8
Funded Percentage
(Actuarial Value of
Assets/Actuarial Liability)
83.4% 82.4% 81.4% 80.7%
The state actuary determines a rate associated with the normal cost of the pension plan (funding
the prospective benefits) and a rate necessary to amortize prior unfunded actuarial liabilities
(UAL) over a thirty-year period and new tranches of unfunded actuarial liabilities over a twenty-
year period. The following are the current employer contribution rates
52
for each class and the
blended rates recommended by the state actuary beginning in July 2025:
53
47
This contribution is tied to the FRS employee contribution required by s. 121.71(3), F.S., which is three percent as of July
1, 2011.
48
Section 121.35(4)(a)4., F.S.
49
Section 121.35(4)(b), F.S.
50
Section 121.70(1), F.S.
51
Matt Larrabee, Milliman Actuarial Valuation, Florida Retirement System Pension Plan Actuarial Valuation as of July 1,
2024, 3 (Nov. 26, 2024), https://frs.fl.gov/forms/2024_Valuation.pdf (last visited Mar. 13, 2025).
52
Section 121.71(4) and (5), F.S.
53
Letter to Kathy Gould, Florida DMS Division of Retirement Director, from Milliman Actuarial Services, entitled “Blended
Proposed Statutory Rates for the 2025-2026 Plan Year Reflecting a Uniform UAL Rate for All Membership Classes and
DROP: Table 1”, Nov. 26, 2024 (on file with the Senate Committee on Governmental Oversight and Accountability). BILL: SPB 7022 Page 8
Membership Class
Current Statutory
Rates
Effective July 1, 2024
Recommended Rates
to be effective
July 1, 2025
Normal
Cost
UAL
Rate
Normal
Cost
UAL
Rate
Regular Class 6.73% 4.84% 7.10% 4.87%
Special Risk Class 18.66% 12.07% 20.10% 13.03%
Special Risk Administrative Support
Class
11.54% 26.22% 10.88% 26.54%
Elected Officer’s Class
• Legislators, Governor, Lt.
Governor, Cabinet Officers,
State Attorneys, Public
Defenders
• Justices and Judges
• County Officers
10.70%
14.90%
12.39%
50.21%
28.49%
44.23%
10.04%
15.62%
11.79%
50.56%
28.46%
40.72%
Senior Management Service Class 8.56% 23.90% 8.73% 22.45%
Deferred Retirement Option Program 8.49% 10.64% 9.37% 10.65%
For all membership classes, except the DROP and certain members with renewed membership,
employees contribute three percent of their compensation towards retirement.
54
After employer and employee contributions are placed into the FRS Contributions Clearing Trust
Fund, the allocations under the investment plan are transferred to third-party administrators to be
placed in the employee’s individual investment accounts, whereas contributions under the
pension plan are transferred into the FRS Trust Fund.
55
Code of Ethics for Public Officers and Employees
The Code of Ethics for Public Officers and Employees (Code of Ethics)
56
establishes ethical
standards for public officials and is intended to “ensure that public officials conduct themselves
independently and impartially, not using their office for private gain other than compensation
provided by law.”
57
The Code of Ethics pertains to various ethical issues, such as ethics
trainings, voting conflicts, full and public disclosure of financial interests, standards of conduct,
investigations and prosecutions of ethics complaints and referrals for alleged ethics violations,
and the commission, among others.
58
Public officers and employees who are convicted of certain
offenses must forfeit their monthly retirement benefits as well as any DROP funds.
59
54
Section 121.71(3), F.S.
55
See ss. 121.4503 and 121.72(1), F.S.
56
See Pt. III, Ch. 112, F.S.; see also Art. II, s. 8(h)1, FLA. CONST.
57
Florida Commission on Ethics, Guide to the Sunshine Amendment and Code of Ethics for Public Officers and Employees,
available at http://www.ethics.state.fl.us/Documents/Publications/GuideBookletInternet.pdf (last visited Mar. 13, 2025).
58
See Pt. III, Ch. 112, F.S.
59
Section 121.091(5)(f)-(k), F.S. BILL: SPB 7022 Page 9
III. Effect of Proposed Changes:
Section 1 amends s. 121.053, F.S., to allow an elected officer, other than officer serving as a
legislator, to remain in office and receive his or her accumulated DROP proceeds after attaining
the age of 59½ years. This is the only instance of an in-service distribution in the FRS plan.
Section 2 amends s. 121.091, F.S., to require the Division of Retirement and the State Board of
Administration to take steps to recoup from an elected officer whose retirement benefits,
including DROP proceeds, are subject to forfeiture.
Section 3 amends s. 121.71, F.S., to set the employer-paid normal cost contribution rates to the
Florida Retirement System Trust Fund for each membership class and subclass of the FRS. The
bill also updates the employer-paid contribution rates for each membership class to address the
unfunded actuarial liabilities of the FRS.
Section 4 provides a legislative finding that the bill fulfills an important state interest.
Section 5 provides that the bill takes effect July 1, 2025.
IV. Constitutional Issues:
A. Municipality/County Mandates Restrictions:
Article VII, s. 18(a) of the State Constitution provides that: “No county or municipality
shall be bound by any general law requiring such county or municipality to spend
funds...unless the legislature has determined that such law fulfills an important state
interest and unless: ...the expenditure is required to comply with a law that applies to all
persons similarly situated….”
This bill includes legislative findings that the bill fulfills important state interests, and the
bill applies to all persons similarly situated (those employers participating in the Florida
Retirement System), including state agencies, school boards, state universities,
community colleges, counties, municipalities, and special districts.
B. Public Records/Open Meetings Issues:
None identified.
C. Trust Funds Restrictions:
None identified.
D. State Tax or Fee Increases:
This bill does not impose, authorize to impose, or raise a state tax or fee. Thus, the
requirements of Art. III, s. 19 of the State Constitution are not applicable. BILL: SPB 7022 Page 10
E. Other Constitutional Issues:
None identified.
V. Fiscal Impact Statement:
A. Tax/Fee Issues:
None identified.
B. Private Sector Impact:
None identified.
C. Government Sector Impact:
The aggregate employer contributions anticipated to be paid into the FRS Trust Fund in
Fiscal Year 2025-2026 will increase by approximately $310.2 million when compared to
employer contributions that would be due based on the current statutory contribution
rates.
60
The impacts of this bill by employer group for Fiscal Year 2025-2026 are noted
below.
61
Employer Group Change in
Contributions
State Agencies $48.9 m
Universities $11.6 m
Colleges $5.2 m
School Boards $76.7 m
Counties $149.3 m
Other $18.4 m
Total $310.2 m
.
VI. Technical Deficiencies:
None identified.
VII. Related Issues:
None identified.
VIII. Statutes Affected:
This bill substantially amends sections 121.053, 121.091, and 121.71 of the Florida Statutes.
60
Milliman Actuarial Services, Florida Retirement System Estimated 2025-2026 Employer Contribution
Increases/(Decreases) Due to Rate Changes (on file with the Senate Committee on Governmental Oversight and
Accountability).
61
Id. BILL: SPB 7022 Page 11
IX. Additional Information:
A. Committee Substitute – Statement of Changes:
(Summarizing differences between the Committee Substitute and the prior version of the bill.)
None.
B. Amendments:
None.
This Senate Bill Analysis does not reflect the intent or official position of the bill’s introducer or the Florida Senate.