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Bill Summary Details

FRS: Special Risk Cost-of-Living Adjustment (Watch)

HB 425 (Clemons) and CS/SB 858 (Gruters) require the Department of Management Services to calculate a cost-of-living factor for each retiree and beneficiary who was a member of the Special Risk Class on June 30, 2011, is a member of the Special Risk Class on his or her effective date of retirement and retires on or after July 1, 2011, with service credit earned before July 1, 2011. This factor shall equal the product of 3 percent multiplied by the quotient of the sum of the member's service credit earned for service before July 1, 2011, divided by the sum of the member's total service credit earned as of June 30, 2020. CS/SB 858 was amended to include the increased required employer contribution rates for members of the Florida Retirement System to fund these benefit changes. (Hughes)