(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.

lawyer at desk

Have a question?
Click here to chat with a lawyer about your rights.

   (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, 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%

s. 1, ch. 2002-177; s. 34, ch. 2011-68.