THE BILL ITSELF
HB 5205
Retirement
1
A bill to be entitled
2
An act relating to retirement; amending s. 121.71,
3
F.S.; revising required employer retirement
4
contribution rates for each membership class and
5
subclass of the Florida Retirement System; providing a
6
declaration of important state interest; providing an
7
effective date.
9
Be It Enacted by the Legislature of the State of Florida:
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: Percentage of Gross Compensation, Effective Membership Class July 1, 2026 2025 Regular Class 7.11% 7.10% Special Risk Class 19.93% 20.10% Special Risk Administrative Support Class 10.85% 10.88% Elected Officers' Class— Legislators, Governor, Lt. Governor, Cabinet Officers, State Attorneys, Public Defenders 10.30% 10.04% Elected Officers' Class— Justices, Judges 15.54% 15.62% Elected Officers' Class— County Elected Officers 11.45% 11.79% Senior Management Service Class 8.68% 8.73% DROP 9.43% 9.37%
28
(5) In order to address unfunded actuarial liabilities of
29
the system, the required employer retirement contribution rates
30
for each membership class and subclass of the Florida Retirement
31
System for both retirement plans are as follows: Percentage of Gross Compensation, Effective Membership Class July 1, 2026 2025 Regular Class 4.42% 4.87% Special Risk Class 12.60% 13.03% Special Risk Administrative Support Class 27.11% 26.54% Elected Officers' Class— Legislators, Governor, Lt. Governor, Cabinet Officers, 51.43% 50.56% State Attorneys, Public Defenders Elected Officers' Class— Justices, Judges 28.40% 28.46% Elected Officers' Class— County Elected Officers 41.49% 40.72% Senior Management Service Class 21.86% 22.45% DROP 10.20% 10.65%
43
Section 2. The Legislature finds that a proper and
44
legitimate state purpose is served when employees, officers, and
45
retirees of the state and its political subdivisions, and the
46
dependents, survivors, and beneficiaries of such employees,
47
officers, and retirees, are extended the basic protections
48
afforded by governmental retirement systems. These persons must
49
be provided benefits that are fair and adequate and that are
50
managed, administered, and funded in an actuarially sound manner
51
as required by s. 14, Article X of the State Constitution and
52
part VII of chapter 112, Florida Statutes. Therefore, the
53
Legislature determines and declares that this act fulfills an
54
important state interest.
55
Section 3. This act shall take effect July 1, 2026.