<Tr> <Td> June 2014 </Td> <Td> 17.40% </Td> </Tr> <Tr> <Td> June 2015 </Td> <Td> 3.67% </Td> </Tr> <P> In February 2010, the Pew Center on the States identified four states that demonstrate different approaches to designing and managing retirement systems: Florida, Nebraska, Iowa and Georgia . Florida's method for calculating annual contribution rates incorporates a portion of any unfunded liability into upcoming actuarially required contributions so that the bill is paid off over time . The state has legally mandated that pension surpluses of less than 5 percent of total liabilities will be reserved to pay for unexpected losses in the system--and even if the surplus is greater than 5 percent of total liabilities, only a fraction can be used to reduce participating employer contributions . This process allows for a rebate in required employer contributions to the FRS when the fund is more than 100% funded, and mandates employers contributions in excess of normal required contributions to make up any unfunded liability when the fund is less than 100% funded . </P> <P> The Florida Retirement System (FRS) Investment Plan was established by the Legislature to provide Florida's public employees with a portable, flexible alternative to the FRS traditional defined benefit plan . Since opening its first employee account roughly nine years ago, the FRS Investment Plan has become one of the largest optional public - sector defined contribution retirement plans in the U.S. </P>

State board of administration of florida retirement system