summary
Introduced
01/18/2023
01/18/2023
In Committee
03/28/2023
03/28/2023
Crossed Over
Passed
Dead
05/05/2023
05/05/2023
Introduced Session
2023 Regular Session
Bill Summary
Revises provisions relating to Special Risk Class normal retirement date, DROP participation, interest accrual rates, COLA, employer retirement contribution rates, investment plan member accounts, member disability coverage, & line-of-duty death benefit coverage.
AI Summary
This bill revises several provisions of the Florida Retirement System, including:
- Changing the normal retirement date for members of the Special Risk Class, including adjusting the age and years of service requirements.
- Extending the Deferred Retirement Option Program (DROP) participation period from 60 months to 96 months and adjusting the interest rate accrual on DROP accounts.
- Adjusting the cost-of-living adjustment for retirees and annuitants, providing a guaranteed 4% annual adjustment starting in 2023.
- Increasing the employer retirement contribution rates for most membership classes in the system.
- Increasing the allocation rates for investment plan member accounts and disability/line-of-duty death benefit coverage.
The bill also includes a statement that the act fulfills an important state interest in providing fair and adequate retirement benefits that are managed and funded in an actuarially sound manner.
Committee Categories
Budget and Finance, Justice
Sponsors (79)
Demi Busatta Cabrera (R)*,
Joe Casello (D)*,
Shane Abbott (R),
Thad Altman (R),
Danny Alvarez (R),
Adam Anderson (R),
Kristen Arrington (D),
Jessica Baker (R),
Doug Bankson (R),
Webster Barnaby (R),
Robin Bartleman (D),
Fabián Basabe (R),
Melony Bell (R),
Mike Beltran (R),
Christopher Benjamin (D),
Kim Berfield (R),
Dean Black (R),
David Borrero (R),
LaVon Bracy Davis (D),
Jennifer Canady (R),
Mike Caruso (R),
Hillary Cassel (R),
Linda Chaney (R),
Lindsay Cross (D),
Dan Daley (D),
Wyman Duggan (R),
Tae Edmonds (D),
Anna Eskamani (D),
Tom Fabricio (R),
Juan Fernandez-Barquin (R),
Gallop Franklin (D),
Ashley Gantt (D),
Alina García (R),
Mike Giallombardo (R),
Karen Gonzalez Pittman (R),
Peggy Gossett-Seidman (R),
Mike Gottlieb (D),
Tommy Gregory (R),
Griff Griffitts (R),
Rita Harris (D),
Dianne Hart-Lowman (D),
Fred Hawkins (R),
Jeff Holcomb (R),
Christine Hunschofsky (D),
Berny Jacques (R),
Dotie Joseph (D),
Sam Killebrew (R),
Traci Koster (R),
Chip LaMarca (R),
Thomas Leek (R),
Vicki Lopez (R),
Johanna López (D),
Randy Maggard (R),
Patt Maney (R),
Fiona McFarland (R),
Jim Mooney (R),
Toby Overdorf (R),
Rachel Plakon (R),
Susan Plasencia (R),
Juan Porras (R),
Alex Rizo (R),
Rick Roth (R),
Michelle Salzman (R),
Jason Shoaf (R),
David Silvers (D),
Tyler Sirois (R),
Kelly Skidmore (D),
David Smith (R),
John Snyder (R),
Paula Stark (R),
Kevin Steele (R),
Allison Tant (D),
Dana Trabulsy (R),
Susan L. Valdés (R),
Katherine Waldron (D),
Patricia Williams (D),
Marie Woodson (D),
Taylor Yarkosky (R),
Bradford Yeager (R),
Other Sponsors (2)
Appropriations Committee (H), Constitutional Rights, Rule of Law & Government Operations Subcommittee (H)
Last Action
Laid on Table; companion bill(s) passed, see SB 2500 (Ch. 2023-239), CS/SB 7024 (Ch. 2023-193) (on 04/04/2023)
Official Document
bill text
bill summary
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bill summary
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bill summary
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