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Committee reports bill changing employer contribution rates for Florida Retirement System to address unfunded liabilities
Summary
SPB 7022 would set new employer contribution rates for membership classes in the Florida Retirement System, increase annual revenue to the FRS trust fund, and make a limited DROP election change for certain elected officers; the committee reported the bill favorably as a committee bill.
The Governmental Oversight and Accountability Committee reported SPB 7022 favorably as a committee bill after sponsor explanation and a technical title amendment.
Senator Fine, speaking as sponsor, said the bill “establishes the contribution rates paid by employers for each class of employee participating in the Florida Retirement System beginning 07/01/2025,” and that the change “will result in roughly $310,000,000 more in revenue on an annual basis beginning 07/01/2025 than it would receive if the current contribution rates are maintained.” He also noted the employee 3% contribution rate is unchanged and that the bill allows elected officers (except legislators) to elect to receive a DROP accumulation under limited conditions.
Committee members took up and adopted an amendment (barcode 861,978) described by the sponsor as “just a technical amendment in the title.” With the amendment adopted, Senator Bridal moved to submit SPB 7022 as a committee bill; the motion was adopted and the bill was reported favorably.
The committee recorded no public appearance forms or public testimony on this bill at the committee stop.
Action recorded: committee report favorably as a committee bill; the bill now moves forward in the legislative process.
