SB 7022 — Retirement

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words underlined are additions.

Florida Senate - 2025 (PROPOSED BILL) SPB 7022 585-01063A-25 20257022pb by completing 1 year of creditable service and repaying the refunded member contributions, plus interest.

(a) A member whose employment is terminated for any reason other than death or retirement before becoming vested is entitled to the return of his or her accumulated contributions as of the date of termination.

Effective July 1, 2011, upon termination of employment from all participating employers for 3 calendar months as defined in s.

121.021(39)(c) for any reason other than retirement, a member may receive a refund of all contributions he or she has made to the pension plan, subject to the restrictions otherwise provided in this chapter.

The refund may be received as a lump-sum payment, a rollover to a qualified plan, or a combination of these methods.

Partial refunds are not permitted.

The refund may not include any interest earnings on the contributions for a member of the pension plan.

Employer contributions made on behalf of the member are not refundable.

A member may not receive a refund of employee contributions if a pending or an approved qualified domestic relations order is filed against his or her retirement account.

By obtaining a refund of contributions, a member waives all rights under the Florida Retirement System and the health insurance subsidy to the service credit represented by the refunded contributions, except the right to purchase his or her prior service credit in accordance with s.

121.081(2).

(b) A member whose employment is terminated for any reason other than death or retirement after becoming vested may elect to receive a deferred monthly benefit which shall begin to accrue on the first day of the month of normal or early retirement and shall be payable on the last day of that month Page 4 of 11 CODING:

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Florida Senate - 2025 (PROPOSED BILL) SPB 7022 585-01063A-25 20257022pb and each month thereafter during his or her lifetime.

The amount of monthly benefit shall be computed in the same manner as for a normal retirement benefit in accordance with subsection (1) or early retirement benefit in accordance with s.

121.021(30), but based on average monthly compensation and creditable service as of the date of termination.

(c) In lieu of the deferred monthly benefit provided in paragraph (b), the terminated member may elect to receive a lump-sum amount equal to his or her accumulated contributions as of the date of termination.

Effective July 1, 2011, upon termination of employment from all participating employers for 3 calendar months as defined in s.

121.021(39)(c) for any reason other than retirement, a member may receive a refund of all contributions he or she has made to the pension plan, subject to the restrictions otherwise provided in this chapter.

Partial refunds are not permitted.

The refund may not include any interest earnings on the contributions for a member of the pension plan.

Employer contributions made on behalf of the member are not refundable.

A member may not receive a refund of employee contributions if a pending or an approved qualified domestic relations order is filed against his or her retirement account.

By obtaining a refund of contributions, a member waives all rights under the Florida Retirement System and the health insurance subsidy to the service credit represented by the refunded contributions, except the right to purchase his or her prior service credit in accordance with s.

121.081(2).

(d) If any retired member dies without having received in benefit payments an amount equal to his or her accumulated contributions, there shall be payable to his or her designated Page 5 of 11 CODING:

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Florida Senate - 2025 (PROPOSED BILL) SPB 7022 585-01063A-25 20257022pb beneficiary an amount equal to the excess, if any, of the member’s accumulated contributions over the total monthly payments made to the member prior to the date of death.

(e) A member shall be deemed a terminated member when termination of employment has occurred as provided in s.

121.021(39).

(f) Any member who has been found guilty by a verdict of a jury, or by the court trying the case without a jury, of committing, aiding, or abetting any embezzlement or theft from his or her employer, bribery in connection with the employment, or other felony specified in chapter 838, except ss.

838.15 and 838.16, committed prior to retirement, or who has entered a plea of guilty or of nolo contendere to such crime, or any member whose employment is terminated by reason of the member’s admitted commitment, aiding, or abetting of an embezzlement or theft from his or her employer, bribery, or other felony specified in chapter 838, except ss.

838.15 and 838.16, shall forfeit all rights and benefits under this chapter, except the return of his or her accumulated contributions as of the date of termination.

(g) Any elected official who is convicted by the Senate of an impeachable offense shall forfeit all rights and benefits under this chapter, except the return of his or her accumulated contributions as of the date of the conviction.

(h) Any member who, prior to retirement, is adjudged by a court of competent jurisdiction to have violated any state law against strikes by public employees, or who has been found guilty by such court of violating any state law prohibiting strikes by public employees, shall forfeit all rights and Page 6 of 11 CODING:

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words underlined are additions.

Florida Senate - 2025 (PROPOSED BILL) SPB 7022 585-01063A-25 20257022pb benefits under this chapter, except the return of his or her accumulated contributions as of the date of the conviction.

(i) The division or the state board may not pay benefits to any member convicted of a felony committed on or after October 1, 2008, defined in s.

800.04 against a victim younger than 16 years of age, or defined in chapter 794 against a victim younger than 18 years of age, through the use or attempted use of power, rights, privileges, duties, or position of the member’s public office or employment position.

However, the division or the state board shall return the member’s accumulated contributions, if any, that the member accumulated as of the date of conviction.

(j) Any beneficiary who by a verdict of a jury or by the court trying the case without a jury is found guilty, or who has entered a plea of guilty or nolo contendere, of unlawfully and intentionally killing or procuring the death of the member forfeits all rights to the deceased member’s benefits under this chapter, and the benefits will be paid as if such beneficiary had predeceased the decedent.

(k) Benefits may not be paid by the division or the state board pending final resolution of such charges against a member or beneficiary if the resolution of such charges could require the forfeiture of benefits as provided in paragraph (f), paragraph (g), paragraph (h), paragraph (i), paragraph (j), or chapter 112.

(l) The division and the state board, as appropriate, must take steps to recoup from the elected officer any DROP proceeds distributed pursuant to s.

121.053(7)(a)3.

if:

1.

Such DROP proceeds were distributed before the elected Page 7 of 11 CODING:

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Florida Senate - 2025 (PROPOSED BILL) SPB 7022 585-01063A-25 20257022pb officer’s termination;

and 2.

The division or state board would be prohibited pursuant to paragraph (k) from making a distribution to the elected officer, absent the distribution to the elected officer pursuant to s.

121.053(7)(a)3.

Section 3.

Percentage of Gross Compensation, Effective Membership Class July 1, 2025 2024 Regular Class 7.10% 6.73% Special Risk Class 20.10% 18.66% Special Risk Administrative Support Class 10.88% 11.54% Elected Officers’ Class— 10.04% 10.70% Page 18 of 411 CODING:

SBFlorida 7022Senate First- Engrossed2025 20257022e1(PROPOSED SpecialBILL) RiskSPB Administrative7022 Support585-01063A-25 Class20257022pb 10.88% 11.54% Elected Officers’ Class— Legislators, Governor, Lt.

Governor, Cabinet Officers, State Attorneys, Public Defenders 10.04% 10.70% Elected Officers’ Class— Justices, Judges 15.62% 14.90% Elected Officers’ Class— County Elected Officers 11.79% 12.39% Senior Management Service Class 8.73% 8.56% DROP 9.37% 8.49% (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:

Percentage of Gross Compensation, Effective Membership Class PercentageJuly of1, 2025 2024 Page 29 of 411 CODING:

SBFlorida 7022Senate First- Engrossed2025 20257022e1(PROPOSED GrossBILL) Compensation,SPB Effective7022 July585-01063A-25 1,20257022pb 2025 2024 Regular Class 4.87% 4.84% Special Risk Class 13.03% 12.07% Special Risk Administrative Support Class 26.54% 26.22% Elected Officers’ Class— Legislators, Governor, Lt.

Governor, Cabinet Officers, State Attorneys, Public Defenders 50.56% 50.21% Elected Officers’ Class— Justices, Judges 28.46% 28.49% Elected Officers’ Class— County Elected Officers 40.72% 44.23% Senior Management Service Class 22.45% 23.90% PageDROP 310.65% of10.64% 4Section CODING:4.

The Legislature finds that a proper and legitimate state purpose is served when employees, officers, and Page 10 of 11 CODING:

SBFlorida Senate - 2025 (PROPOSED BILL) SPB 7022 First585-01063A-25 Engrossed20257022pb 20257022e1retirees Classof DROPthe 10.65%state 10.64%and Sectionits 2.political subdivisions, and the dependents, survivors, and beneficiaries of such employees, officers, and retirees, are extended the basic protections afforded by governmental retirement systems.

The Legislature finds that a proper and legitimate state purpose 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.

Section 3.5.

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