Florida § 121.72 - Allocations to investment plan member accounts; percentage amounts.

§ 121.72. Allocations to investment plan member accounts; percentage amounts.

(1) The allocations established in subsection (4) shall fund retirement benefits under the investment plan and shall be transferred monthly by the Division of Retirement from the Florida Retirement System Contributions Clearing Trust Fund to the third-party administrator for deposit in each participating employee’s individual account based on the membership class of the participant. (2) The allocations are stated as a percentage of each investment plan member’s gross compensation for the calendar month. A change in a contribution percentage is effective the first day of the month for which retirement contributions may be made on or after the beginning date of the change. Contribution percentages may be modified by general law. (3) Employer and employee contributions to member accounts shall be accounted for separately. Interest and investment earnings on contributions shall accrue on a tax-deferred basis until proceeds are distributed. (4) Effective July 1, 2002 through June 30, 2012, allocations from the Florida Retirement System Contributions Clearing Trust Fund to investment plan member accounts are as follows: Membership Class Percentage of Gross Compensation Regular Class 9.00% Special Risk Class 20.00% Special Risk Administrative Support Class 11.35% Elected Officers’ Class — Legislators, Governor, Lt. Governor, Cabinet Officers, State Attorneys, Public Defenders 13.40% Elected Officers’ Class — Justices, Judges 18.90% Elected Officers’ Class — County Elected Officers 16.20% Senior Management Service Class 10.95% (5) Effective July 1, 2012, through June 30, 2022, allocations from the Florida Retirement System Contributions Clearing Trust Fund to investment plan member accounts are as follows: Membership Class Percentage of Gross Compensation Regular Class 6.30% Special Risk Class 14.00% Special Risk Administrative Support Class 7.95% Elected Officers’ Class — Legislators, Governor, Lt. Governor, Cabinet Officers, State Attorneys, Public Defenders 9.38% Elected Officers’ Class — Justices, Judges 13.23% Elected Officers’ Class — County Elected Officers 11.34% Senior Management Service Class 7.67% (6) Effective July 1, 2022, through June 30, 2023, allocations from the Florida Retirement System Contributions Clearing Trust Fund to investment plan member accounts are as follows: Membership Class Percentage of Gross Compensation Regular Class 9.30% Special Risk Class 17.00% Special Risk Administrative Support Class 10.95% Elected Officers’ Class — Legislators, Governor, Lt. Governor, Cabinet Officers, State Attorneys, Public Defenders 12.38% Elected Officers’ Class — Justices, Judges 16.23% Elected Officers’ Class — County Elected Officers 14.34% Senior Management Service Class 10.67% (7) Effective July 1, 2023, allocations from the Florida Retirement System Contributions Clearing Trust Fund to investment plan member accounts are as follows: Membership Class Percentage of Gross Compensation Regular Class 11.30% Special Risk Class 19.00% Special Risk Administrative Support Class 12.95% Elected Officers’ Class— Legislators, Governor, Lt. Governor, Cabinet Officers, State Attorneys, Public Defenders 14.38% Elected Officers’ Class— Justices, Judges 18.23% Elected Officers’ Class— County Elected Officers 16.34% Senior Management Service Class 12.67%