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Florida Statutes Title X. Public Officers, Employees, and Records § 121.72. Allocations to investment plan member accounts; percentage amounts

Current as of January 01, 2025 | Updated by Findlaw Staff

(1) The allocations established in subsection (4) shall fund retirement benefits under the investment plan and shall be transferred monthly by the Division of Retirement from the Florida Retirement System Contributions Clearing Trust Fund to the third-party administrator for deposit in each participating employee's individual account based on the membership class of the participant.

(2) The allocations are stated as a percentage of each investment plan member's gross compensation for the calendar month. A change in a contribution percentage is effective the first day of the month for which retirement contributions may be made on or after the beginning date of the change. Contribution percentages may be modified by general law.

(3) Employer and employee contributions to member accounts shall be accounted for separately. Interest and investment earnings on contributions shall accrue on a tax-deferred basis until proceeds are distributed.

(4) Effective July 1, 2002 through June 30, 2012, allocations from the Florida Retirement System Contributions Clearing Trust Fund to investment plan member accounts are as follows:

Membership Class

Percentage of Gross
Compensation

Regular Class

9.00%

Special Risk Class

20.00%

Special Risk Administrative Support Class

11.35%

Elected Officers' Class--Legislators,
Governor, Lt. Governor, Cabinet Officers, State Attorneys, Public Defenders

13.40%

Elected Officers' Class--Justices, Judges

18.90%

Elected Officers' Class--County Elected
Officers

16.20%

Senior Management Service Class

10.95%

(5) Effective July 1, 2012, through June 30, 2022, allocations from the Florida Retirement System Contributions Clearing Trust Fund to investment plan member accounts are as follows:

Membership Class

Percentage of Gross Compensation

Regular Class

6.30%

Special Risk Class

14.00%

Special Risk Administrative Support Class

7.95%

Elected Officers' Class--Legislators, Governor, Lt. Governor, Cabinet Officers, State Attorneys, Public Defenders

9.38%

Elected Officers' Class--Justices, Judges

13.23%

Elected Officers' Class--County Elected Officers

11.34%

Senior Management Service Class

7.67%

(6) Effective July 1, 2022, through June 30, 2023, allocations from the Florida Retirement System Contributions Clearing Trust Fund to investment plan member accounts are as follows:

Membership Class

Percentage of Gross Compensation

Regular Class

9.30%

Special Risk Class

17.00%

Special Risk Administrative Support Class

10.95%

Elected Officers' Class--Legislators, Governor, Lt. Governor, Cabinet Officers, State Attorneys, Public Defenders

12.38%

Elected Officers' Class--Justices, Judges

16.23%

Elected Officers' Class--

14.34%

County Elected Officers

Senior Management Service Class

10.67%

(7) Effective July 1, 2023, allocations from the Florida Retirement System Contributions Clearing Trust Fund to investment plan member accounts are as follows:

Membership Class

Percentage of Gross Compensation

Regular Class

11.30%

Special Risk Class

19.00%

Special Risk Administrative Support Class

12.95%

Elected Officers' Class--Legislators, Governor, Lt. Governor, Cabinet Officers, State Attorneys, Public Defenders

14.38%

Elected Officers' Class--Justices, Judges

18.23%

Elected Officers' Class--County Elected Officers

16.34%

Senior Management Service Class

12.67%
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Cite this article: FindLaw.com - Florida Statutes Title X. Public Officers, Employees, and Records § 121.72. Allocations to investment plan member accounts; percentage amounts - last updated January 01, 2025 | https://codes.findlaw.com/fl/title-x-public-officers-employees-and-records/fl-st-sect-121-72/

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