Florida Legislative Session 2024: FRS

Overview

The Florida Retirement System (FRS) is a state-run pension plan that provides retirement benefits to eligible employees of the state of Florida and its political subdivisions.

The FRS is a defined benefit plan, which means that the benefits paid to retirees are based on a formula that takes into account the employee's years of service, salary, and age at retirement.

The FRS is funded by a combination of employee contributions, employer contributions, and investment earnings.

2024 Legislative Session

The 2024 Florida legislative session is scheduled to begin on January 14, 2024, and end on March 12, 2024.

During the session, the legislature is expected to consider a number of bills that could impact the FRS.

One of the most important bills is the FRS reform bill, which would make a number of changes to the FRS, including:

• Increasing the employee contribution rate.
• Decreasing the employer contribution rate.
• Changing the retirement age.
• Changing the benefit formula.

Impact of FRS Reform

The FRS reform bill is expected to have a significant impact on the FRS and its members.

The bill would increase the employee contribution rate by 1%, which would reduce the take-home pay of FRS members.

The bill would also decrease the employer contribution rate by 1%, which would reduce the cost of the FRS to the state and its political subdivisions.

The bill would change the retirement age from 65 to 67, which would require FRS members to work longer before they can retire.

The bill would also change the benefit formula, which would reduce the benefits paid to FRS retirees.

Conclusion

The FRS reform bill is a complex piece of legislation that could have a significant impact on the FRS and its members.

FRS members should carefully review the bill and its potential impact before forming an opinion.