Retirement

HB 5205 revises the required contribution rates that state and local government employers must pay into the Florida Retirement System (FRS) for different employee groups (membership classes and subclasses). It establishes new contribution rate schedules in Sections 4 and 5 of the law to address funding shortfalls in the retirement system. The bill directly affects public employers, including state agencies, schools, and municipalities, by changing their mandatory retirement contribution percentages. It takes effect on July 1, 2026, as part of the state's effort to maintain actuarially sound retirement funding.