Bill > H4045

This bill amends the City Pension Fund for Firefighters and Police Officers in the City of Tampa to authorize the City of Tampa to enter into a supplemental contract with firefighters and police officers that increases the Deferred Retirement Option Program (DROP) participation from 5 years to 8 years. The key provisions include allowing eligible firefighters and police officers to participate in the DROP for up to 8 years or until they reach 33 years of service, whichever is less. The bill modifies several aspects of the pension fund, including membership eligibility, benefit calculations, and administrative procedures. DROP participants will have their monthly pension installments calculated and fixed at the time of their DROP benefit calculation date, with their accumulated benefits calculated based on monthly installments, cost-of-living adjustments, interest, and 13th check benefits. The bill also makes technical changes to terminology and updates various sections of the existing pension fund contract. The changes are designed to provide more flexibility for firefighters and police officers nearing retirement while maintaining the overall structure and financial integrity of the pension fund. The amendments to the pension fund section will take effect on October 1, 2025, while the rest of the bill becomes effective upon becoming law.