Find Laws Find Lawyers Free Legal Forms USA State Laws

FLORIDA STATUTES AND CODES

121.71 Uniform rates; process; calculations; levy.

121.71 Uniform rates; process; calculations; levy.

   (1) In conducting the system actuarial study required under s. 121.031, the actuary shall follow all requirements specified thereunder to determine, by Florida Retirement System employee membership class, the dollar contribution amounts necessary for the forthcoming fiscal year for the defined benefit program. In addition, the actuary shall determine, by Florida Retirement System membership class, based on an estimate for the forthcoming fiscal year of the gross compensation of employees participating in the optional retirement program, the dollar contribution amounts necessary to make the allocations required under ss. 121.72 and 121.73. For each employee membership class and subclass, the actuarial study shall establish a uniform rate necessary to fund the benefit obligations under both Florida Retirement System retirement plans by dividing the sum of total dollars required by the estimated gross compensation of members in both plans.

   (2) Based on the uniform rates set forth in subsection (3), employers shall make monthly contributions to the Division of Retirement, which shall initially deposit the funds into the Florida Retirement System Contributions Clearing Trust Fund. A change in a contribution rate is effective the first day of the month for which a full month’s employer contribution may be made on or after the beginning date of the change.

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

Membership Class

Percentage ofGrossCompensation,EffectiveJuly 1, 2009

Percentage ofGrossCompensation,EffectiveJuly 1, 2010

 

Regular Class

8.69%

9.63%

Special Risk Class

19.76%

22.11%

Special Risk Administrative Support Class

11.39%

12.10%

Elected Officers’ Class  Legislators, Governor, Lt. Governor, Cabinet Officers, State Attorneys, Public Defenders

13.32%

15.20%

Elected Officers’ Class  Justices, Judges

18.40%

20.65%

Elected Officers’ Class  County Elected Officers

15.37%

17.50%

Senior Management Class

11.96%

13.43%

DROP

9.80%

11.14%

   (4) The state actuary shall recognize and use an appropriate level of available excess assets of the Florida Retirement System Trust Fund to offset the difference between the normal costs of the Florida Retirement System and the statutorily prescribed contribution rates.

History. s. 1, ch. 2002-177; s. 47, ch. 2002-402; s. 3, ch. 2003-260; s. 1, ch. 2004-293; s. 1, ch. 2005-93; s. 1, ch. 2006-35; s. 1, ch. 2007-84; s. 7, ch. 2008-139; s. 1, ch. 2009-76.

Florida Forms by Issue

Florida Court Forms
> Criminal
> Probate
> Civil (County)
> Civil (District)
> Dispute
Florida Divorce Forms
Florida Emancipation Forms
Florida Family Forms
Florida Guardianship Forms
Florida Tax Forms

Florida Law

Florida State Laws
    > Florida Administrative Code
    > Florida Child Support
    > Florida Gun Laws
    > Florida Statutes
Florida State
    > Florida Counties
    > Florida Senators
    > Florida Zip Codes
Florida Tax
    > Florida Sales Tax
    > Florida State Tax
Florida Labor Laws
    > Florida Minimum Wage
    > Florida Unemployment
Florida Agencies
    > Better Business Bureau Florida
    > Florida Child Support
    > Florida Child Support Payments
    > Florida Department of Corrections
    > Florida Department of Health
    > Florida Department of Law Enforcement
    > Florida Department of Transportation
    > Florida Division of Corporations
    > Florida DMV
    > Florida Medicaid
    > Florida Secretary of State
    > Florida Secretary of State Corporations

Florida Court Map

Tips