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       Florida Senate - 2009                             CS for SB 1802
       By the Policy and Steering Committee on Ways and Means; and
       Senator Alexander
       576-04564-09                                          20091802c1
    1                        A bill to be entitled                      
    2         An act relating to retirement; amending s. 121.71,
    3         F.S.; revising the payroll contribution rates for the
    4         membership classes of the Florida Retirement System
    5         for the state fiscal years effective July 1, 2009, and
    6         July 1, 2010; providing a declaration of important
    7         state interest; providing an effective date.
    9  Be It Enacted by the Legislature of the State of Florida:
   11         Section 1. Section 121.71, Florida Statutes, is amended to
   12  read:
   13         121.71 Uniform rates; process; calculations; levy.—
   14         (1) In conducting the system actuarial study required under
   15  s. 121.031, the actuary shall follow all requirements specified
   16  thereunder to determine, by Florida Retirement System employee
   17  membership class, the dollar contribution amounts necessary for
   18  the forthcoming fiscal year for the defined benefit program. In
   19  addition, the actuary shall determine, by Florida Retirement
   20  System membership class, based on an estimate for the
   21  forthcoming fiscal year of the gross compensation of employees
   22  participating in the optional retirement program, the dollar
   23  contribution amounts necessary to make the allocations required
   24  under ss. 121.72 and 121.73. For each employee membership class
   25  and subclass, the actuarial study shall establish a uniform rate
   26  necessary to fund the benefit obligations under both Florida
   27  Retirement System retirement plans, by dividing the sum of total
   28  dollars required by the estimated gross compensation of members
   29  in both plans.
   30         (2) Based on the uniform rates set forth in subsection (3),
   31  employers shall make monthly contributions to the Division of
   32  Retirement, which shall initially deposit the funds into the
   33  Florida Retirement System Contributions Clearing Trust Fund. A
   34  change in a contribution rate is effective the first day of the
   35  month for which a full month’s employer contribution may be made
   36  on or after the beginning date of the change.
   37         (3) Required employer retirement contribution rates for
   38  each membership class and subclass of the Florida Retirement
   39  System for both retirement plans are as follows:
   40  Membership Class           Percentage of Gross Compensation,Effective July 1, 2009 2008Percentage of Gross Compensation,Effective July 1, 2010 2009
   41  Regular Class                      8.69%             9.63% 9.60%     
   42  Special Risk Class                19.76%            22.11% 22.03%    
   43  Special Risk Administrative  Support Class       11.39%            12.10% 11.98%    
   44  Elected Officers’ Class -  Legislators, Governor,  Lt. Governor,  Cabinet Officers,  State Attorneys,  Public Defenders       13.32%            15.20% 14.56%    
   45  Elected Officers’ Class -  Justices, Judges       18.40%            20.65% 20.37%    
   46  Elected Officers’ Class -  County Elected Officers       15.37%            17.50% 17.06%    
   47  Senior Management Class           11.96%            13.43% 13.36%    
   48  DROP                               9.80%               10.96%        
   49         (4) The state actuary shall recognize and use an
   50  appropriate level of available excess assets of the Florida
   51  Retirement System Trust Fund to offset the difference between
   52  the normal costs of the Florida Retirement System and the
   53  statutorily prescribed contribution rates.
   54         Section 2. The Legislature finds that a proper and
   55  legitimate state purpose is served when employees and retirees
   56  of the state and its political subdivisions, and the dependents,
   57  survivors, and beneficiaries of such employees and retirees, are
   58  extended the basic protections afforded by governmental
   59  retirement systems. These persons must be provided benefits that
   60  are fair and adequate and that are managed, administered, and
   61  funded in an actuarially sound manner, as required by s. 14,
   62  Article X of the State Constitution and part VII of chapter 112,
   63  Florida Statutes. Therefore, the Legislature determines and
   64  declares that this act fulfills an important state interest.
   65         Section 3. This act shall take effect July 1, 2009.

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