FloridaHB 5205E2026EHouseWALLET

Retirement

Sponsored By: Randall Scott "Randy" Maggard (Republican)

Signed by Governor

AppropriationHouse CalendarAppropriations -SJ 51

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Bill Overview

Analyzed Economic Effects

5 provisions identified: 3 benefits, 1 costs, 1 mixed.

Annual raises for Special Risk retirees

Beginning July 1, 2026, eligible Florida Retirement System Special Risk retirees get annual benefit increases after their fifth retirement anniversary. Each July 1, their June 30 monthly benefit increases by 1.5% or the existing formula amount, whichever is greater. Their retirement date must be July 1, 2011, or later. Members who first enrolled before July 1, 2011, need at least 72 calendar months of Special Risk service. Members who first enrolled on or after that date need at least 96 calendar months.

Elected officers gain earlier retirement savings access

Beginning July 1, 2026, eligible Florida elected officers can receive saved Deferred Retirement Option Program (DROP) money while staying in office. They must have finished their DROP period, reached age 59½, and not be serving as legislators. Officers whose DROP participation began on or after July 1, 2010, earn no interest after the DROP period ends. On leaving office, officers receive any remaining account money, including interest allowed under existing rules.

Public employers pay revised retirement rates

Beginning July 1, 2026, Florida Retirement System employer rates change for both the Pension and Investment Plans. Employers pay a base rate plus a separate rate for pension funding shortfalls, each calculated as a share of gross pay. Base rates change as follows: Regular Class, 7.10% to 7.11%; Special Risk, 20.10% to 21.58%; Special Risk Administrative Support, 10.88% to 11.45%; legislators and specified state elected officers, 10.04% to 10.30%; justices and judges, 15.62% to 15.54%; county elected officers, 11.79% to 11.45%; Senior Management, 8.73% to 8.68%; and DROP, 9.37% to 9.86%. Separate shortfall rates change as follows: Regular Class, 4.87% to 4.42%; Special Risk, 13.03% to 14.10%; Special Risk Administrative Support, 26.54% to 28.28%; legislators and specified state elected officers, 50.56% to 51.43%; justices and judges, 28.46% to 28.40%; county elected officers, 40.72% to 41.49%; Senior Management, 22.45% to 21.86%; and DROP, 10.65% to 10.26%. The state elected-officer group includes the Governor, Lieutenant Governor, Cabinet officers, state attorneys, and public defenders. These are employer payments, not new payment duties for workers or households.

More funding for worker disability and survivors

Beginning July 1, 2026, Florida increases funding shares for certain Investment Plan disability and line-of-duty death benefits and administration. Disability funding rises from 1.85% to 1.91% of gross pay for Special Risk members. For Special Risk Administrative Support members, disability funding rises from 0.45% to 0.46%. Special Risk line-of-duty death funding rises from 1.26% to 1.28% of gross pay. These changes increase funding allocations; they do not state changes to benefit amounts or who qualifies.

Officers face repayment for barred retirement withdrawals

Beginning July 1, 2026, state retirement officials must seek repayment of prohibited DROP money paid to elected officers before leaving office. This applies when unresolved charges could require loss of retirement benefits and the payment was barred under that rule. The Division of Retirement or State Board of Administration handles recovery. The law does not set a repayment formula or amount.

Sponsors & Cosponsors

Sponsor

Randall Scott "Randy" Maggard
Republican • House

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 273 • No: 3

House vote • 5/29/2026

House Floor Vote

Yes: 101 • No: 3

Senate vote • 5/29/2026

Senate Floor Vote

Yes: 34 • No: 0

Senate vote • 5/12/2026

Senate Floor Vote

Yes: 32 • No: 0

House vote • 5/12/2026