FLC Icon

Bill Summary Details

FRS Employer Contribution Rates (Watch)

SB 7018 (Governmental Oversight and Accountability) and HB 5007 (Appropriations) establish the contribution rates paid by employers participating in the Florida Retirement System beginning July 1, 2021. These rates are intended to fund the full normal cost and the amortization of the unfunded actuarial liability of the FRS. With these modifications to employer contribution rates, the FRS Trust Fund will receive roughly $373.5 million more in revenue on an annual basis beginning July 1, 2021. The public employers that will incur these additional costs are state agencies, state universities and colleges, school districts, counties, municipalities and other governmental entities that participate in the FRS. HB 5007 was substituted for SB 7018. (Hughes)