Bill Amendment: FL S0784 | 2019 | Regular Session
NOTE: For additional amemendments please see the Bill Drafting List
Bill Title: Retirement
Status: 2019-05-03 - Died in Appropriations Subcommittee on Agriculture, Environment, and General Government, companion bill(s) passed, see CS/CS/SB 426 (Ch. 2019-21) [S0784 Detail]
Download: Florida-2019-S0784-Senate_Committee_Amendment_783474.html
Bill Title: Retirement
Status: 2019-05-03 - Died in Appropriations Subcommittee on Agriculture, Environment, and General Government, companion bill(s) passed, see CS/CS/SB 426 (Ch. 2019-21) [S0784 Detail]
Download: Florida-2019-S0784-Senate_Committee_Amendment_783474.html
Florida Senate - 2019 COMMITTEE AMENDMENT Bill No. SB 784 Ì783474@Î783474 LEGISLATIVE ACTION Senate . House . . . . . ————————————————————————————————————————————————————————————————— ————————————————————————————————————————————————————————————————— The Committee on Governmental Oversight and Accountability (Gruters) recommended the following: 1 Senate Amendment (with title amendment) 2 3 Delete everything after the enacting clause 4 and insert: 5 Section 1. Subsection (4) of section 121.101, Florida 6 Statutes, is amended to read: 7 121.101 Cost-of-living adjustment of benefits.— 8 (4) For members whose effective retirement date is on or 9 after July 1, 2011, the benefit of each retiree and annuitant 10 shall be adjusted annually on July 1 as follows: 11 (a) For those retirees and annuitants who have never 12 received a cost-of-living adjustment under this subsection, the 13 amount of the monthly benefit payable for the 12-month period 14 commencing on the adjustment date shall be the amount of the 15 member’s initial benefit plus an amount equal to a percentage of 16 the member’s initial benefit. This percentage is derived by 17 dividing the number of months the member has received an initial 18 benefit by 12, and multiplying the result by the factor 19 calculated pursuant to paragraph (c). 20 (b) For those retirees and annuitants who have received a 21 cost-of-living adjustment under this subsection, the adjusted 22 monthly benefit shall be the amount of the monthly benefit being 23 received on June 30 immediately preceding the adjustment date 24 plus an amount determined by multiplying the benefit by the 25 factor calculated pursuant to paragraph (c). 26 (c) The department shall calculate a cost-of-living factor 27 for each retiree and beneficiary retiring on or after July 1, 28 2011. This factor shall equal the product of 3 percent 29 multiplied by the quotient of the sum of the member’s service 30 credit earned for service before July 1, 2011, divided by the 31 sum of the member’s total service credit earned. However, 32 beginning with cost-of-living-adjustments effective July 1, 33 2019, for a retiree who was a member of the Special Risk Class 34 on June 30, 2011, and is a member of the Special Risk Class on 35 the effective date of retirement, and his or her beneficiary, 36 retiring on or after July 1, 2011, with service credit earned 37 before July 1, 2011, the factor calculated pursuant to this 38 paragraph may not be a product of less than 2. 39 Section 2. Effective July 1, 2019, subsection (3) of 40 section 121.73, Florida Statutes, is amended to read: 41 121.73 Allocations for member disability coverage; 42 percentage amounts.— 43 (3) Effective July 1, 2002, allocations from the Florida 44 Retirement System Contributions Clearing Trust Fund to provide 45 disability coverage for members in the investment plan, and to 46 offset the costs of administering said coverage, are as follows: 47 48 49 Membership Class Percentage of Gross Compensation 50 51 Regular Class 0.25% 52 Special Risk Class 1.35% 1.33%53 Special Risk Administrative Support Class0.45% 54 Elected Officers’ Class— Legislators, Governor, Lt. Governor, Cabinet Officers, State Attorneys, Public Defenders0.41% 55 Elected Officers’ Class— Justices, Judges0.73% 56 Elected Officers’ Class— County Elected Officers0.41% 57 Senior Management Service Class 0.26% 58 59 Section 3. Effective July 1, 2019, subsection (3) of 60 section 121.735, Florida Statutes, is amended to read: 61 121.735 Allocations for member line-of-duty death benefits; 62 percentage amounts.— 63 (3) Effective July 1, 2017, allocations from the Florida 64 Retirement System Contributions Clearing Trust Fund to provide 65 line-of-duty death benefits for members in the investment plan 66 and to offset the costs of administering said coverage, are as 67 follows: 68 69 Membership Class Percentage of Gross Compensation 70 71 Regular Class 0.05% 72 Special Risk Class 1.17%1.15%73 Special Risk Administrative Support Class 0.03% 74 Elected Officers’ Class— Legislators, Governor, Lt. Governor, Cabinet Officers, State Attorneys, Public Defenders 0.15% 75 Elected Officers’ Class— Justices, Judges 0.09% 76 Elected Officers’ Class— County Elected Officers 0.20% 77 Senior Management Service Class 0.05% 78 79 Section 4. (1) In order to fund the benefit changes 80 provided in this act, the required employer contribution rates 81 for members of the Florida Retirement System are increased as 82 follows: 83 (a) By 0.01 percentage point for the rate established in s. 84 121.71(4), Florida Statutes, for the Special Risk Class. 85 (b) By 2.32 percentage points for the rate established in 86 s. 121.71(5), Florida Statutes, for the Special Risk Class. 87 (c) By 0.01 percentage point for the rate established in s. 88 121.71(5), Florida Statutes, for DROP. 89 (2) The adjustments provided in subsection (1) are in 90 addition to any other changes to such contribution rates which 91 may be enacted into law to take effect on July 1, 2019. The 92 Division of Law Revision is directed to adjust accordingly the 93 contribution rates provided in s. 121.71, Florida Statutes. 94 Section 5. The Legislature finds that a proper and 95 legitimate state purpose is served when employees and retirees 96 of the state and its political subdivisions, and the dependents, 97 survivors, and beneficiaries of such employees and retirees, are 98 extended the basis protections afforded by governmental 99 retirement systems. These persons must be provided benefits that 100 are fair and adequate and that are managed, administered, and 101 funded in an actuarially sound manner, as required by s. 14, 102 Article X of the State Constitution and part VII of chapter 112, 103 Florida Statutes. Therefore, the Legislature determines and 104 declares that this act fulfills an important state interest. 105 Section 6. Except as otherwise provided, this act shall 106 take effect upon becoming a law. 107 108 ================= T I T L E A M E N D M E N T ================ 109 And the title is amended as follows: 110 Delete everything before the enacting clause 111 and insert: 112 A bill to be entitled 113 An act relating to retirement; amending s. 121.101, 114 F.S.; specifying the minimum amount of the factor used 115 to calculate the cost-of-living adjustment for 116 benefits for certain retirees and beneficiaries of the 117 Florida Retirement System; amending s. 121.73, F.S.; 118 adjusting the allocation of funds to provide 119 disability coverage to members of the investment plan 120 of the Florida Retirement System; amending s. 121.735, 121 F.S.; adjusting the allocation of funds to provide 122 line-of-duty death benefits for members in the 123 investment plan of the Florida Retirement System; 124 directing the Division of Law Revision to adjust the 125 employer contribution rates for the Special Risk Class 126 and DROP in the Florida Retirement System; providing a 127 declaration of important state interest; providing 128 effective dates.