Florida SB 1410: Hope Scholarship Program

Bill Text

1410 
Optional Retirement Programs 
2026-01-08T03:30:51Z 
Requiring that the employer contribution rate for certain optional retirement programs be equal to the employer contribution rate for the Florida Retirement System Investment Plan, etc. 
Original Filed Version 
2026 
S 
2026-07-01T00:00:00Z 
GB 
General Bill 
__ 

 Florida Senate - 2026 SB 1410 

 By Senator Smith 

 17-00961-26 20261410__ 
 1 A bill to be entitled 
 2 An act relating to optional retirement programs; 
 3 amending ss. 121.051 and 121.35, F.S.; requiring that 
 4 the employer contribution rate for certain optional 
 5 retirement programs be equal to the employer 
 6 contribution rate for the Florida Retirement System 
 7 Investment Plan; requiring that contributions be 
 8 remitted to the designated providers in a specified 
 9 manner; providing an effective date. 
 10 
 11 Be It Enacted by the Legislature of the State of Florida: 
 12 
 13 Section 1. Paragraph (c) of subsection (2) of section 
 14 121.051, Florida Statutes, is amended to read: 
 15 121.051 Participation in the system.— 
 16 (2) OPTIONAL PARTICIPATION.— 
 17 (c) Employees of public community colleges or charter 
 18 technical career centers sponsored by public community colleges, 
 19 designated in s. 1000.21(5), who are members of the Regular 
 20 Class of the Florida Retirement System and who comply with the 
 21 criteria set forth in this paragraph and s. 1012.875 may, in 
 22 lieu of participating in the Florida Retirement System, elect to 
 23 withdraw from the system altogether and participate in the State 
 24 Community College System Optional Retirement Program provided by 
 25 the employing agency under s. 1012.875. 
 26 1.a. Through June 30, 2001, the cost to the employer for 
 27 benefits under the optional retirement program equals the normal 
 28 cost portion of the employer retirement contribution which would 
 29 be required if the employee were a member of the pension plan’s 
 30 Regular Class, plus the portion of the contribution rate 
 31 required by s. 112.363(8) which would otherwise be assigned to 
 32 the Retiree Health Insurance Subsidy Trust Fund. 
 33 b. Effective July 1, 2001, through June 30, 2011, each 
 34 employer shall contribute on behalf of each member of the 
 35 optional program an amount equal to 10.43 percent of the 
 36 employee’s gross monthly compensation. The employer shall deduct 
 37 an amount for the administration of the program. 
 38 c. Effective July 1, 2011, through June 30, 2012, each 
 39 member shall contribute an amount equal to the employee 
 40 contribution required under s. 121.71(3). The employer shall 
 41 contribute on behalf of each program member an amount equal to 
 42 the difference between 10.43 percent of the employee’s gross 
 43 monthly compensation and the employee’s required contribution 
 44 based on the employee’s gross monthly compensation. 
 45 d. Effective July 1, 2012, each member shall contribute an 
 46 amount equal to the employee contribution required under s. 
 47 121.71(3). Effective July 1, 2026, the employer shall contribute 
 48 on behalf of each program member an amount equal to the employer 
 49 contribution rate established under s. 121.72 for participants 
 50 in the Florida Retirement System Investment Plan. Contributions 
 51 must be remitted to the designated providers in the same manner 
 52 as other retirement contributions difference between 8.15 
 53 percent of the employee’s gross monthly compensation and the 
 54 employee’s required contribution based on the employee’s gross 
 55 monthly compensation. 
 56 e. The employer shall contribute an additional amount to 
 57 the Florida Retirement System Trust Fund equal to the unfunded 
 58 actuarial accrued liability portion of the Regular Class 
 59 contribution rate. 
 60 2. The decision to participate in the optional retirement 
 61 program is irrevocable as long as the employee holds a position 
 62 eligible for participation, except as provided in subparagraph 
 63 3. Any service creditable under the Florida Retirement System is 
 64 retained after the member withdraws from the system; however, 
 65 additional service credit in the system may not be earned while 
 66 a member of the optional retirement program. 
 67 3. An employee who has elected to participate in the 
 68 optional retirement program shall have one opportunity, at the 
 69 employee’s discretion, to transfer from the optional retirement 
 70 program to the pension plan of the Florida Retirement System or 
 71 to the investment plan established under part II of this 
 72 chapter, subject to the terms of the applicable optional 
 73 retirement program contracts. 
 74 a. If the employee chooses to move to the investment plan, 
 75 any contributions, interest, and earnings creditable to the 
 76 employee under the optional retirement program are retained by 
 77 the employee in the optional retirement program, and the 
 78 applicable provisions of s. 121.4501(4) g