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Bill Summary Details

FRS: Employer Contribution Rates (Watch)

SB 7044 (Government Oversight and Accountability) and HB 5007 (Appropriations Committee) revise the required employer retirement contribution rates for each membership class and subclass of the Florida Retirement System. The aggregate employer contributions anticipated to be paid into the Florida Retirement System Trust Fund in Fiscal Year 2020-2021 will increase by approximately $404.5 million when compared to the employer contributions paid in Fiscal Year 2019-2020. (Hughes)