Some Florida elected officers could receive DROP proceeds while in office

An elected officer, except a legislator, may stay in office and receive accumulated DROP proceeds. This applies to elected officers in the Florida Retirement System who participate in DROP, except while serving as legislators. After the DROP period ends, the account earns no additional monthly benefits, though it may earn interest under the stated rules. Until leaving office, the officer generally cannot receive pension payments or state payments beyond the office’s salary, travel, and per diem. The state must take steps to recoup the proceeds if they were paid before the officer left office and charges could require forfeiture of benefits. The officer may receive the proceeds after reaching age 59½. Monthly retirement benefits begin only after the officer leaves office.

Eligible Special Risk retirees would receive an annual benefit adjustment calculated using the greater of two amounts. This applies to eligible Special Risk retirees and annuitants whose effective retirement date is on or after July 1, 2011. The adjustment is the greater of the amount calculated under the referenced rule or 1.5 percent of the benefit. Eligibility requires at least 72 months of Special Risk service for members first enrolled before July 1, 2011, or at least 96 months for those first enrolled on or after that date. The adjustment would begin July 1, 2026, and applies after the retiree’s fifth anniversary of retirement.

The bill sets out employer contribution rates and allocations for retirement, disability, and line-of-duty death benefits. The schedules cover Florida Retirement System membership classes, including Regular, Special Risk, elected officers, and senior management. Employer rates vary by membership class. The disability and line-of-duty death allocations cover members in the investment plan. The employer contribution rates and disability allocations are labeled effective July 1, 2026.