Florida Statutes 121.72 – Allocations to investment plan member accounts; percentage amounts
Current as of: 2023 | Check for updates
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Terms Used In Florida Statutes 121.72
- Administrator: means the secretary of the Department of Management Services. See Florida Statutes 121.021
- Calendar month: means one of the 12 divisions of a year as determined by the Gregorian calendar (e. See Florida Statutes 121.021
- Compensation: means the monthly salary paid a member by his or her employer for work performed arising from that employment. See Florida Statutes 121.021
- Division: means the Division of Retirement in the department. See Florida Statutes 121.021
- Member: means any officer or employee who is covered or who becomes covered under this system in accordance with this chapter. See Florida Statutes 121.021
- system: means the general retirement system established by this chapter, including, but not limited to, the defined benefit program administered under this part, referred to as the "Florida Retirement System Pension Plan" or "pension plan" and the defined contribution program administered under part II of this chapter, referred to as the "Florida Retirement System Investment Plan" or "investment plan. See Florida Statutes 121.021
(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– County Elected Officers |
14.34% |
| 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% |