Committee approves FRS contribution and special‑risk COLA proposal
The committee favorably reported SPB 70‑28, which sets employer contribution rates for the Florida Retirement System beginning July 1, 2026, leaves the 3% employee contribution unchanged, permits certain elected officers to take DROP payouts if age‑eligible, and restores a 1.5% alternative cost‑of‑living adjustment for special‑risk retirees under specified service requirements.
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TALLAHASSEE — The Senate Committee on Governmental Oversight and Accountability reported favorably on SPB 70‑28 on Jan. 23. Senator Mayfield told the committee the bill establishes employer contribution rates to the Florida Retirement System (FRS) effective July 1, 2026, preserves the 3% employee contribution rate and allows certain elected officers who have ceased DROP participation and are age‑eligible to receive DROP payouts.
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