Florida League of Cities

Cost-of-living Adjustment of Retirement Benefits (Monitor)

CS/HB 151 (Busatta Cabrera) and SB 242 (Hooper) create an unfunded mandate for government entities that provide retirement benefits through the Florida Retirement System (FRS). Beginning on July 1, 2024, the cost-of-living benefit of each retiree and annuitant shall be adjusted without a requirement for the Legislature enacting sufficient funding. CS/HB 151 was amended to conduct a study on the feasibility and cost of providing a cost-of-living adjustment for employees initially enrolled in the FRS after July 1, 2011. The amendment also includes adjustments to the employee contribution levels to the FRS in order to meet actuarial projections. (Chapman)