Bill Text: FL S7014 | 2018 | Regular Session | Introduced

---

Bill Title: State-administered Retirement Systems

Spectrum: Committee Bill

Status: (Introduced - Dead) 2018-02-08 - Laid on Table, refer to HB 5007 [S7014 Detail]

Download: Florida-2018-S7014-Introduced.html

---

       Florida Senate - 2018                                    SB 7014
       
       
        
       By the Committee on Governmental Oversight and Accountability
       
       
       
       
       
       585-01992-18                                          20187014__
    1                        A bill to be entitled                      
    2         An act relating to state-administered retirement
    3         systems; amending s. 121.71, F.S.; revising required
    4         employer retirement contribution rates for each
    5         membership class and subclass of the Florida
    6         Retirement System; providing a declaration of
    7         important state interest; providing an effective date.
    8          
    9  Be It Enacted by the Legislature of the State of Florida:
   10  
   11         Section 1. Subsections (4) and (5) of section 121.71,
   12  Florida Statutes, are amended to read:
   13         121.71 Uniform rates; process; calculations; levy.—
   14         (4) Required employer retirement contribution rates for
   15  each membership class and subclass of the Florida Retirement
   16  System for both retirement plans are as follows:
   17  
   18  Membership Class            Percentage ofGrossCompensation,EffectiveJuly 1, 2018 2017
   19  
   20  Regular Class                             3.04% 2.90%              
   21  Special Risk Class                       12.18% 11.86%             
   22  Special Risk Administrative Support Class              3.64% 3.83%              
   23  Elected Officers’ Class— Legislators, Governor, Lt. Governor, Cabinet Officers, State Attorneys, Public Defenders              6.65% 6.45%              
   24  Elected Officers’ Class— Justices, Judges             12.00% 11.67%             
   25  Elected Officers’ Class— County Elected Officers              8.50% 8.54%              
   26  Senior Management Class                   4.45% 4.29%              
   27  DROP                                      4.41% 4.17%              
   28         (5) 
   29         In order to address unfunded actuarial liabilities of the
   30  system, the required employer retirement contribution rates for
   31  each membership class and subclass of the Florida Retirement
   32  System for both retirement plans are as follows:
   33  
   34  
   35  Membership Class            Percentage ofGrossCompensation,EffectiveJuly 1, 2018 2017
   36  
   37  Regular Class                             3.50% 3.30%              
   38  Special Risk Class                       10.60% 9.69%              
   39  Special Risk Administrative Support Class             29.62% 29.08%             
   40  Elected Officers’ Class— Legislators, Governor, Lt. Governor, Cabinet Officers, State Attorneys, Public Defenders             48.38% 42.69%             
   41  Elected Officers’ Class— Justices, Judges             27.05% 26.25%             
   42  Elected Officers’ Class— County Elected Officers             38.48% 35.24%             
   43  Senior Management Service Class             17.89% 16.70%             
   44  DROP                                      7.96% 7.43%              
   45         Section 2. The Legislature finds that a proper and
   46  legitimate state interest is served when employees, officers,
   47  and retirees of the state and its political subdivisions, and
   48  the dependents, survivors, and beneficiaries of such employees,
   49  officers, and retirees, are extended the basic protections
   50  afforded by governmental retirement systems. These persons must
   51  be provided benefits that are fair and adequate and that are
   52  managed, administered, and funded in an actuarially sound
   53  manner, as required by s. 14, Article X of the State
   54  Constitution and part VII of chapter 112, Florida Statutes.
   55  Therefore, the Legislature determines and declares that this act
   56  fulfills an important state interest.
   57         Section 3. This act shall take effect July 1, 2018.