Bill > S7038

This bill revises employer contribution rates for retiree benefits in Florida, specifically adjusting the percentage of gross compensation employers must contribute towards the retiree health insurance subsidy and the Florida Retirement System (FRS). For the retiree health insurance subsidy, the employer contribution rate will increase to 1.58% of gross compensation for most state-administered retirement plans, including the Elected Officers' Class, Senior Management Service Class, and the Regular, Special Risk, and Special Risk Administrative Support Classes, effective July 1, 2015. Additionally, the bill modifies the required employer retirement contribution rates for various FRS membership classes and subclasses, with changes also taking effect on July 1, 2015, aiming to ensure the FRS is funded in an actuarially sound manner as required by the State Constitution.