Florida HB 1441: Optional Retirement Programs for Public Postsecondary Employees

Bill Text

HB 1441 2026

CODING: Words stricken are deletions; words underlined are additions.
hb1441-00
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A bill to be entitled 1
An act relating to optional retirement programs for 2
public postsecondary employees; amending ss. 121.35 3
and 1012.875, F.S.; revising contribution amounts and 4
how contributions are paid for specified optional 5
retirement programs; providing an effective date. 6
7
Be It Enacted by the Legislature of the State of Florida: 8
9
Section 1. Paragraph (a) of subsection (4) of section 10
121.35, Florida Statutes, is amended to read: 11
121.35 Optional retirement program for the State 12
University System.— 13
(4) CONTRIBUTIONS.— 14
(a)1. Through June 30, 2001, each employer shall 15
contribute on behalf of each member of the optional retirement 16
program an amount equal to the normal cost portion of the 17
employer retirement contribution which would be required if the 18
employee were a regular member of the Florida Retirement System 19
Pension Plan, plus the portion of the contribution rate required 20
in s. 112.363(8) that would otherwise be assigned to the Retiree 21
Health Insurance Subsidy Trust Fund. 22
2. Effective July 1, 2001, through June 30, 2011, each 23
employer shall contribute on behalf of each member of the 24
optional retirement program an amount equal to 10.43 percent of 25

HB 1441 2026

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the employee's gross monthly compensation. 26
3. Effective July 1, 2011, through June 30, 2012, each 27
member of the optional retirement program shall contribute an 28
amount equal to the employee contribution required in s. 29
121.71(3). The employer shall contribute on behalf of each such 30
member an amount equal to the difference between 10.43 percent 31
of the employee's gross monthly compensation and the amount 32
equal to the employee's required contribution based on the 33
employee's gross monthly compensation. 34
4. Effective July 1, 2012, through June 30, 2026, each 35
member of the optional retirement program shall contribute an 36
amount equal to the employee contribution required in s. 37
121.71(3). The employer shall contribute on behalf of each such 38
member an amount equal to the difference between 8.15 percent of 39
the employee's gross monthly compensation and the amount equal 40
to the employee's required contribution based on the employee's 41
gross monthly compensation. 42
5. Effective July 1, 2026, each member of the optional 43
retirement program shall contribute an amount equal to the 44
employee contribution required in s. 121.71(3). The employer 45
shall contribute an amount equal to the employer contribution 46
required in s. 121.71(4) and (5). 47
6.5. The payment of the contributions, including 48
contributions by the employee, shall be made by the employer to 49
the department, which shall forward the contributions to the 50

HB 1441 2026

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designated company or companies contracting for payment of 51
benefits for members of the program in the same manner as other 52
retirement contributions. However, such contributions paid on 53
behalf of an employee described in paragraph (3)(c) may not be 54
forwarded to a company and do not begin to accrue interest until 55
the employee has executed a contract and notified the 56
department. The department shall deduct an amount from the 57
contributions to provide for the administration of this program. 58
Section 2. Paragraph (a) of subsection (4) of section 59
1012.875, Florida Statutes, is amended to read: 60
1012.875 State Community College System Optional 61
Retirement Program.—Each Florida College System institution may 62
implement an optional retirement program, if such program is 63
established therefor pursuant to s. 1001.64(20), under which 64
annuity or other contracts providing retirement and death 65
benefits may be purchased by, and on behalf of, eligible 66
employees who participate in the program, in accordance with s. 67
403(b) of the Internal Revenue Code. Except as otherwise 68
provided herein, this retirement program, which shall be known 69
as the State Community College System Optional Retirement 70
Program, may be implemented and administered only by an 71
individual Florida College System institution or by a consortium 72
of Florida College System institutions. 73
(4)(a)1. Through June 30, 2011, each college must 74
contribute on behalf of each program member an amount equal to 75

HB 1441 2026

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10.43 percent of the employee's gross monthly compensation. 76
2. Effective July 1, 2011