1. (1) In conducting the system actuarial study required under s. 121.031, the actuary shall follow all requirements specified thereunder to determine, by Florida Retirement System employee membership class, the dollar contribution amounts necessary for the forthcoming fiscal year for the defined benefit program. In addition, the actuary shall determine, by Florida Retirement System membership class, based on an estimate for the forthcoming fiscal year of the gross compensation of employees participating in the optional retirement program, the dollar contribution amounts necessary to make the allocations required under ss. 121.72 and 121.73 For each employee membership class and subclass, the actuarial study shall establish a uniform rate necessary to fund the benefit obligations under both Florida Retirement System retirement plans, by dividing the sum of total dollars required by the estimated gross compensation of members in both plans.
2. (2) Based on the uniform rates set forth in subsection (3), employers shall make monthly contributions to the Division of Retirement, which shall initially deposit the funds into the Florida Retirement System Contributions Clearing Trust Fund. A change in a contribution rate is effective the first day of the month for which a full month's employer contribution may be made on or after the beginning date of the change.

3. (3) Required employer retirement contribution rates for each membership class and subclass of the Florida Retirement System for both retirement plans are as follows: Rates effective July 1, 2002, reflect an offset to normal employer costs of $1,237,000,000, resulting from recognition and usage of current available excess assets of the Florida Retirement System Trust Fund as determined pursuant to s. 121.031 Contribution rates that become effective July 1, 2003, reflect normal system costs.

   Membership Class	Percentage of Gross Compensation, Effective July 1, 2002	Percentage of Gross Compensation, Effective July 1, 2003
   Regular Class	4.50%	9.87%
   Special Risk Class	14.75%	22.89%
   Special Risk Administrative Support Class	5.30%	12.58%
   Elected Officers' Class - Legislators, Governor, Lt. Governor, Cabinet Officers, State Attorneys, Public Defenders	8.15%	15.43%
   Elected Officers' Class - Justices, Judges	14.60%	20.54%
   Elected Officers' Class - County Elected Officers	10.60%	17.52%
   Senior Management Class	4.80%	11.68%
   DROP	8.00%	11.56%

   ¹(4) Notwithstanding the provisions of subsection (3), and for the fiscal year 2002-2003 only, the state actuary shall recognize and use an appropriate level of available excess assets of the Florida Retirement System Trust Fund to offset the difference between the normal costs of the Florida Retirement System and the statutorily prescribed contribution rates. This subsection expires July 1, 2003.

   ¹Note.--Section 47, ch. 2002-402, amended subsection (4) "[i]n order to implement Specific Appropriation 2169 of the 2002-2003 General Appropriations Act."

History.--s. 1, ch. 2002-177; s. 47, ch. 2002-402.