Bill Amendment: FL H0151 | 2024 | Regular Session

NOTE: For additional amemendments please see the Bill Drafting List

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Bill Title: Florida Retirement System

Status: 2024-04-16 - Chapter No. 2024-92; companion bill(s) passed, see HB 5001 (Ch. 2024-231) [H0151 Detail]

Download: Florida-2024-H0151-Senate_Floor_Amendment_Delete_All_693208.html

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       Florida Senate - 2024                          SENATOR AMENDMENT
       Bill No. CS for HB 151
       
       
       
       
       
       
                                Ì693208.Î693208                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
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       Senator Avila moved the following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Delete everything after the enacting clause
    4  and insert:
    5         Section 1. Subsections (4) and (5) of section 121.71,
    6  Florida Statutes, are amended to read:
    7         121.71 Uniform rates; process; calculations; levy.—
    8         (4) Required employer retirement contribution rates for
    9  each membership class and subclass of the Florida Retirement
   10  System for both retirement plans are as follows:
   11  
   12  Membership Class            Percentage ofGrossCompensation,EffectiveJuly 1, 2024 2023
   13  
   14  Regular Class                             6.70% 6.73%              
   15  Special Risk Class                       18.39% 18.66%             
   16  Special Risk Administrative Support Class             10.92% 11.54%             
   17  Elected Officers’ Class— Legislators, Governor, Lt. Governor, Cabinet Officers, State Attorneys, Public Defenders             10.68% 10.45%             
   18  Elected Officers’ Class— Justices, Judges             14.50% 14.90%             
   19  Elected Officers’ Class— County Elected Officers             12.22% 12.39%             
   20  Senior Management Service Class              8.44% 8.56%              
   21  DROP                                      8.46% 8.49%              
   22  
   23         (5) In order to address unfunded actuarial liabilities of
   24  the system, the required employer retirement contribution rates
   25  for each membership class and subclass of the Florida Retirement
   26  System for both retirement plans are as follows:
   27  
   28  Membership Class            Percentage ofGrossCompensation,EffectiveJuly 1, 2024 2023
   29  
   30  Regular Class                             4.81% 4.78%              
   31  Special Risk Class                       12.00% 11.95%             
   32  Special Risk Administrative Support Class             25.90% 26.22%             
   33  Elected Officers’ Class— Legislators, Governor, Lt. Governor, Cabinet Officers, State Attorneys, Public Defenders             49.81% 50.21%             
   34  Elected Officers’ Class— Justices, Judges             28.39% 27.93%             
   35  Elected Officers’ Class— County Elected Officers             43.44% 44.23%             
   36  Senior Management Service Class             22.72% 23.90%             
   37  DROP                                     10.51% 10.64%             
   38  
   39         Section 2. The Legislature finds that a proper and
   40  legitimate state purpose is served when employees, officers, and
   41  retirees of the state and its political subdivisions, and the
   42  dependents, survivors, and beneficiaries of such employees,
   43  officers, and retirees, are extended the basic protections
   44  afforded by governmental retirement systems. These persons must
   45  be provided benefits that are fair and adequate and that are
   46  managed, administered, and funded in an actuarially sound manner
   47  as required by s. 14, Article X of the State Constitution and
   48  part VII of chapter 112, Florida Statutes. Therefore, the
   49  Legislature determines and declares that this act fulfills an
   50  important state interest.
   51         Section 3. This act shall take effect July 1, 2024.
   52  
   53  ================= T I T L E  A M E N D M E N T ================
   54  And the title is amended as follows:
   55         Delete everything before the enacting clause
   56  and insert:
   57                        A bill to be entitled                      
   58         An act relating to employer contributions to fund
   59         retiree benefits; amending s. 121.71, F.S.; revising
   60         required employer retirement contribution rates for
   61         each membership class and subclass of the Florida
   62         Retirement System; providing a declaration of
   63         important state interest; providing an effective date.