Bill > S7022

This bill modifies the required employer retirement contribution rates for various membership classes within the Florida Retirement System (FRS), a state-managed pension system. The changes affect contribution rates for different professional groups like regular employees, special risk personnel, elected officers, judges, and senior management, with most classes seeing slight increases or decreases in their contribution percentages effective July 1, 2025. For example, the Regular Class contribution rate would increase from 6.73% to 7.10%, while the Special Risk Class rate would rise from 18.66% to 20.10%. The bill also includes a declaration of legislative intent, emphasizing that providing fair, adequate, and actuarially sound retirement benefits serves an important state interest. The purpose is to ensure that state employees, officers, retirees, and their dependents receive proper retirement protections in compliance with Florida's constitutional and statutory requirements. The changes are designed to address the system's unfunded actuarial liabilities and maintain the financial sustainability of the retirement system.

Governmental Oversight and Accountability (Senate)

https://www.flsenate.gov/Session/Bill/2025/7022