Florida Senate - 2023 SB 7024 By the Committee on Governmental Oversight and Accountability 585-02617-23 20237024__ Page 1 of 4 CODING: Words stricken are deletions; words underlined are additions. A bill to be entitled 1

An act relating to retirement; amending s. 121.71, 2 F.S.; revising required employer retirement 3 contribution rates for each membership class of the 4 Florida Retirement System; providing a declaration of 5 important state interest; providing an effective date. 6 7 Be It Enacted by the Legislature of the State of Florida: 8 9

Section 1. Subsections (4) and (5) of

section 121.71, 10 Florida Statutes, are amended to read: 11 121.71 Uniform rates; process; calculations; levy.— 12

(4) Required employer retirement contribution rates for 13 each membership class and subclass of the Florida Retirement 14 System for both retirement plans are as follows: 15 16 Membership Class Percentage of Gross Compensation, Effective July 1, 2023 2022 17 18 Regular Class 6.14% 5.96% 19 Special Risk Class 17.05% 16.44% 20 Special Risk 10.75% 10.77% Florida Senate - 2023 SB 7024 585-02617-23 20237024__ Page 2 of 4 CODING: Words stricken are deletions; words underlined are additions. Administrative Support Class 21 Elected Officers’ Class— Legislators, Governor, Lt.

Governor, Cabinet Officers, State Attorneys, Public Defenders 9.69% 9.31% 22 Elected Officers’ Class— Justices, Judges 14.64% 14.41% 23 Elected Officers’ Class— County Elected Officers 11.74% 11.30% 24 Senior Management Service Class 7.90% 7.70% 25 DROP 8.18% 7.79% 26

(5) In order to address unfunded actuarial liabilities of 27 the system, the required employer retirement contribution rates 28 for each membership class and subclass of the Florida Retirement 29 System for both retirement plans are as follows: 30 31 Membership Class Percentage of Gross Compensation, Florida Senate - 2023 SB 7024 585-02617-23 20237024__ Page 3 of 4 CODING: Words stricken are deletions; words underlined are additions.

Effective July 1, 2023 2022 32 33 Regular Class 4.72% 4.23% 34 Special Risk Class 10.83% 9.67% 35 Special Risk Administrative Support Class 25.02% 26.16% 36 Elected Officers’ Class— Legislators, Governor, Lt. Governor, Cabinet Officers, State Attorneys, Public Defenders 49.85% 56.76% 37 Elected Officers’ Class— Justices, Judges 27.63% 27.64% 38 Elected Officers’ Class— County Elected Officers 44.04% 43.98% 39 Senior Management Service Class 23.61% 22.15% 40 Florida Senate - 2023 SB 7024 585-02617-23 20237024__ Page 4 of 4 CODING: Words stricken are deletions; words underlined are additions. DROP 10.01% 9.15% 41

Section 2. The Legislature finds that a proper and 42 legitimate state purpose is served when employees, officers, and 43 retirees of the state and its political subdivisions, and the 44 dependents, survivors, and beneficiaries of such employees, 45 officers, and retirees, are extended the basic protections 46 afforded by governmental retirement systems. These persons must 47 be provided benefits that are fair and adequate and that are 48 managed, administered, and funded in an actuarially sound manner 49 as required by s. 14,

Article X of the State Constitution and 50

part VII of

chapter 112, Florida Statutes. Therefore, the 51 Legislature determines and declares that this act fulfills an 52 important state interest. 53

Section 3. This act shall take effect July 1, 2023. 54