Bill > H5005

This bill revises the required employer contribution rates for various membership classes and subclasses within the Florida Retirement System (FRS), which is a state-administered retirement plan for public employees. The changes, effective July 1, 2013, adjust the percentage of gross compensation that employers must contribute for different groups of employees, including regular employees, special risk personnel, elected officials, and those in senior management or the Deferred Retirement Option Program (DROP). The bill also includes a legislative finding that these adjustments serve an important state interest by ensuring that the retirement system is managed and funded in an actuarially sound manner, providing fair and adequate benefits to employees, retirees, and their beneficiaries, as mandated by the State Constitution and Florida Statutes.