Bill > H5005

This bill increases the employer contribution rate for the retiree health insurance subsidy for various classes of state employees, including elected officials, senior management, and special risk classes, to 1.26% of gross compensation starting July 1, 2014, and also adjusts employer contribution rates for retirement plans to address unfunded actuarial liabilities, with specific changes for different membership classes like Regular, Special Risk, Elected Officers, and Senior Management. Additionally, it renames the "employer contribution" for administrative and educational expenses to an "employer assessment" and increases its rate to 0.04% of payroll starting July 1, 2014, to cover the costs of administering the investment plan and providing educational services to members of the Florida Retirement System (FRS), which is a state-administered retirement system. The bill also includes legislative findings declaring that ensuring fair and adequate benefits and sustainable funding for state retirement systems, including health insurance subsidies, fulfills an important state interest.