Bill > H5005

This bill makes several changes to the Florida Retirement System (FRS), which is a state-administered retirement plan for public employees. Specifically, it adjusts the required contribution rates that employers must pay for different categories of FRS members, such as regular employees, special risk employees, and elected officials, with these new rates taking effect on July 1, 2016. The bill also modifies how employer contributions for administrative and educational expenses are handled, directing them to the state board's Administrative Trust Fund instead of the Florida Retirement System Investment Plan. Additionally, it increases the employer assessment rate, which is a small percentage of payroll used to cover administrative and educational costs, from 0.04% to 0.06% starting July 1, 2016. The bill also includes a legislative finding that these changes serve a legitimate state interest by ensuring fair and adequate benefits for state and local government employees and retirees, managed in an actuarially sound manner as required by the State Constitution.