For some 780,000 state employees and current retirees, aspects of their retirement will be like 2011 again.
Public employees are getting some of their benefits restored, according to a bill that Gov. Ron DeSantis signed into law Monday.
The Senate budget package (SB 7024) DeSantis approved reverts many aspects of the state’s retirement system for some back to pre-2011, when many changes were made in the face of a recession that saw much of the state’s real estate value evaporate.
It includes provisions that restore age and years of service requirements; improve retiree health insurance subsidies; increase the length of time allowable in the Deferred Retirement Optional Program (DROP); and increase employer contributions to investment plans by 2 percentage points for all participants in the Florida Retirement System (FRS).
It will affect nearly 629,000 members of the FRS and 151,913 current retirees.
An analysis of the bill said the new law will increase the state’s employer group contributions to be paid into the FRS Trust Fund over the next year by $350 million, compared to the current budget year. And the amount that employer groups must contribute to the Retiree Health Insurance Subsidy Trust Fund will increase by $139.3 million from the current year.
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