summary
Introduced
01/07/2014
01/07/2014
In Committee
01/16/2014
01/16/2014
Crossed Over
Passed
Dead
05/02/2014
05/02/2014
Introduced Session
2014 Regular Session
Bill Summary
Requires that firefighter pension plans meet certain requirements in order to receive insurance premium tax revenues; revises existing payment provisions & provides for additional mandatory payment by municipality or special fire control district to firefighters' pension trust fund; deletes provision basing availability of additional benefits upon state funding; revises provisions relating to municipalities & special fire control districts that have their own pension plans & want to participate in distribution of tax fund; authorizes municipality to implement certain changes to local law plan; requires that police officer pension plans meet certain requirements in order to receive insurance premium tax revenues; deletes provision allowing local law plan to limit amount of overtime payments which can be used for retirement benefit calculations; revises existing payment provisions & providing for an additional mandatory payment by municipality to police officers' retirement trust fund; revises provisions relating to municipalities that have their own pension plans for police officers & want to participate in distribution of tax fund; requires plan sponsors to have defined contribution plan in place by certain date; authorizes municipality to implement certain changes to local law plan; provides declaration of important state interest.
AI Summary
This bill requires that firefighter and police officer pension plans meet specific requirements to receive insurance premium tax revenues, which are taxes collected on insurance policies. It revises how these pension plans are funded by mandating additional payments from municipalities or special fire control districts to their respective pension trust funds. The bill also removes provisions that tied the availability of additional retirement benefits to state funding and modifies rules for municipalities and districts with their own pension plans that wish to participate in the distribution of these tax revenues. Furthermore, it allows municipalities to make certain changes to their local pension plans and mandates that plan sponsors have a defined contribution plan, which is a type of retirement plan where contributions are made to individual accounts, in place by a specified date. The bill also includes a declaration of important state interest, emphasizing the legislature's view that these reforms serve a crucial public purpose by ensuring the sound management and funding of governmental retirement systems.
Committee Categories
Government Affairs
Sponsors (1)
Last Action
Died in Government Operations Subcommittee (on 05/02/2014)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | http://www.flsenate.gov/Session/Bill/2014/509 | 01/07/2014 |
| Bill | http://www.flsenate.gov/Session/Bill/2014/0509/BillText/Filed/PDF | 01/07/2014 |
Loading...