Florida SB 7028: Retirement

Bill Text

7028 
Retirement 
2026-02-18T14:18:42Z 
Authorizing an elected officer, except while serving as a legislator, to remain in elective office and receive accumulated Deferred Retirement Option Program (DROP) proceeds after the officer attains a certain age; requiring the Division of Retirement or the State Board of Administration, as appropriate, to take steps to recoup from the elected officer any DROP proceeds distributed in accordance with a specified provision, under specified circumstances; revising the cost-of-living adjustment for eligible Special Risk Class retirees; revising required allocations from the Contributions Clearing Trust Fund to provide disability coverage to members of the investment plan of the Florida Retirement System, etc. 
Committee Substitute 1 
2026 
S 
2026-07-01T00:00:00Z 
GB 
General Bill 
c1 

 Florida Senate - 2026 CS for SB 7028 

 By the Committees on Appropriations; and Governmental Oversight 
 and Accountability; and Senator Arrington 

 576-03005-26 20267028c1 
 1 A bill to be entitled 
 2 An act relating to retirement; amending s. 121.053, 
 3 F.S.; authorizing an elected officer, except while 
 4 serving as a legislator, to remain in elective office 
 5 and receive accumulated Deferred Retirement Option 
 6 Program (DROP) proceeds after the officer attains a 
 7 certain age; providing that, upon termination, the 
 8 officer receives accumulated DROP proceeds including 
 9 interest earned in accordance with a specified 
 10 provision; amending s. 121.091, F.S.; requiring the 
 11 Division of Retirement or the State Board of 
 12 Administration, as appropriate, to take steps to 
 13 recoup from the elected officer any DROP proceeds 
 14 distributed in accordance with a specified provision, 
 15 under specified circumstances; amending s. 121.101, 
 16 F.S.; revising the cost-of-living adjustment for 
 17 eligible Special Risk Class retirees; defining the 
 18 term “eligible Special Risk Class retiree”; amending 
 19 s. 121.71, F.S.; revising required employer retirement 
 20 contribution rates for each membership class and 
 21 subclass of the Florida Retirement System; amending s. 
 22 121.73, F.S.; revising required allocations from the 
 23 Contributions Clearing Trust Fund to provide 
 24 disability coverage to members of the investment plan 
 25 of the Florida Retirement System; amending s. 121.735, 
 26 F.S.; revising allocations from the Contributions 
 27 Clearing Trust Fund to provide line-of-duty death 
 28 benefits to members of the investment plan of the 
 29 Florida Retirement System; providing a declaration of 
 30 important state interest; providing an effective date. 
 31 
 32 Be It Enacted by the Legislature of the State of Florida: 
 33 
 34 Section 1. Subsection (7) of section 121.053, Florida 
 35 Statutes, is amended to read: 
 36 121.053 Participation in the Elected Officers’ Class for 
 37 retired members.— 
 38 (7) A member who is elected or appointed to an elective 
 39 office and who is participating in the Deferred Retirement 
 40 Option Program is not subject to termination as defined in s. 
 41 121.021, or reemployment limitations as provided in s. 
 42 121.091(9), until the end of his or her current term of office 
 43 or, if the officer is consecutively elected or reelected to an 
 44 elective office eligible for coverage under the Florida 
 45 Retirement System, until he or she no longer holds an elective 
 46 office, as follows: 
 47 (a) At the end of the member’s DROP period: 
 48 1. The officer’s DROP account may not accrue additional 
 49 monthly benefits, but does continue to earn interest as provided 
 50 in s. 121.091(13). However, an officer whose DROP participation 
 51 begins on or after July 1, 2010, may not continue to earn such 
 52 interest. 
 53 2. Retirement contributions, except for unfunded actuarial 
 54 liability and health insurance subsidy contributions required in 
 55 ss. 121.71(5) and 121.76, are not required of the employer of 
 56 the elected officer, and additional retirement credit may not be 
 57 earned under the Florida Retirement System. 
 58 3. The officer, except while serving as a legislator, may 
 59 remain in elective office and receive his or her accumulated 
 60 DROP proceeds, including interest earned in accordance with 
 61 subparagraph 1., after attaining the age of 59 1/2 years. 
 62 (b) An elected officer may voluntarily terminate his or her 
 63 elective office at any time and receive his or her DROP 
 64 proceeds. However, until termination occurs, an elected officer 
 65 whose termination limitations are extended by this section is 
 66 ineligible for renewed membership in the system and may not 
 67 receive pension payments, DROP lump sum payments, or any other 
 68 state payment other than the statutorily determined salary, 
 69 travel, and per diem for the elective office. 
 70 (c) Upon termination, the officer shall receive his or her 
 71 accumulated DROP account, including plus interest ea