Florida governments could see $400M hike in employee retirement contributions

State agencies, local governments and school boards could see significant increases in their retirement-plan contributions for employees if Gov. Ron DeSantis signs into law a bill seeking to chip away at the Florida Retirement System’s $22 billion unfunded liability.

The bill proposes to increase employer contributions to the Florida Retirement System (FRS), the nation’s fourth-largest public-pension plan, by $404.6 million next fiscal year – $232.7 million for school boards – to keep the fund from slipping further underwater.