Who sponsors SB 7014?

SB 7014 is sponsored by Governmental Oversight and Accountability.

What is the current status of SB 7014?

This bill died with 2018 Regular Session. It reached “Passed Senate” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

Where can I track SB 7014?

Track SB 7014 free on One Click Politics — get push/email alerts when it moves.

SB 7014: State-administered Retirement Systems

Bill Text

What changed in the latest version

61 added · 1 removed

61 line(s) added, 1 removed.

~~DOCUMENT~~Florida ~~UNAVAILABLE~~Senate - 2018 (PROPOSED BILL) SPB 7014 FOR CONSIDERATION By the Committee on Governmental Oversight and Accountability 585-01869A-18 20187014pb A bill to be entitled An act relating to state-administered retirement systems;

amending s.

121.71, F.S.;

revising required employer retirement contribution rates for each membership class and subclass of the Florida Retirement System;

providing a declaration of important state interest;

providing an effective date.

9 Be It Enacted by the Legislature of the State of Florida:

11 Section 1. Subsections (4) and (5) of section 121.71, Florida Statutes, are amended to read:

121.71 Uniform rates;

process;

calculations;

levy.— (4) Required employer retirement contribution rates for each membership class and subclass of the Florida Retirement System for both retirement plans are as follows:

18 Membership Class Percentage ofGrossCompensation,EffectiveJuly 1, 2018 2017 20 Regular Class 3.04% 2.90% Special Risk Class 12.18% 11.86% Special Risk Administrative Support Class 3.64% 3.83% Elected Officers’ Class— Legislators, Governor, Lt.

Governor, Cabinet Officers, State Attorneys, Public Defenders 6.65% 6.45% Elected Officers’ Class— Justices, Judges 12.00% 11.67% Elected Officers’ Class— County Elected Officers 8.50% 8.54% Senior Management Class 4.45% 4.29% DROP 4.41% 4.17% (5) In order to address unfunded actuarial liabilities of the system, the required employer retirement contribution rates for each membership class and subclass of the Florida Retirement System for both retirement plans are as follows:

34 Membership Class Percentage ofGrossCompensation,EffectiveJuly 1, 2018 2017 37 Regular Class 3.50% 3.30% Special Risk Class 10.60% 9.69% Special Risk Administrative Support Class 29.62% 29.08% Elected Officers’ Class— Legislators, Governor, Lt.

Governor, Cabinet Officers, State Attorneys, Public Defenders 48.38% 42.69% Elected Officers’ Class— Justices, Judges 27.05% 26.25% Elected Officers’ Class— County Elected Officers 38.48% 35.24% Senior Management Service Class 17.89% 16.70% DROP 7.96% 7.43% Section 2. The Legislature finds that a proper and legitimate state interest is served when employees, officers, and retirees of the state and its political subdivisions, and the dependents, survivors, and beneficiaries of such employees, officers, and retirees, are extended the basic protections afforded by governmental retirement systems.

These persons must be provided benefits that are fair and adequate and that are managed, administered, and funded in an actuarially sound manner, as required by s.

14, Article X of the State Constitution and part VII of chapter 112, Florida Statutes.

Therefore, the Legislature determines and declares that this act fulfills an important state interest.

Section 3. This act shall take effect July 1, 2018.

~~DOCUMENT~~ ~~UNAVAILABLE~~

Florida Senate - 2018 (PROPOSED BILL) SPB 7014 FOR CONSIDERATION By the Committee on Governmental Oversight and Accountability 585-01869A-18 20187014pb A bill to be entitled An act relating to state-administered retirement systems;