Committee approves FRS contribution and special‑risk COLA proposal
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Summary
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.
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.
The bill also restores an alternative cost‑of‑living adjustment (COLA) of 1.5% for retirees in the special‑risk class after five years of retirement, subject to service‑time eligibility (six years if initially enrolled before July 1, 2011; eight years if enrolled after that date). Supporters from firefighters, police and sheriff associations said restoring a meaningful COLA is essential for recruitment and retention. "ECOLA [cost‑of‑living adjustment] is one of the single most important recruitment and retention tools we have," one witness said in the hearing transcript.
Following supportive testimony from representatives of Florida Professional Firefighters, the Florida PBA and other public‑safety organizations, Senator Broder moved to submit SPB 70‑28 as a committee bill; the motion carried without objection and the committee reported the bill favorably.
Next steps: SPB 70‑28 was reported favorably and will proceed through the Senate process for additional consideration.
