BillTrack50 logo
Free Signup Login
Bill

Bill > S1114

FL S1114

FL S1114
Retirement

summary

Introduced
02/19/2014
In Committee
02/26/2014
Crossed Over
Passed
Dead
05/02/2014

Introduced Session

2014 Regular Session

Bill Summary

Revising the definition of "vested" or "vesting" to provide that a member initially enrolled in the Florida Retirement System after a certain date is vested in the pension plan after completing 10 years of creditable service; providing for compulsory membership in the Florida Retirement System Investment Plan for certain members of the Elected Officers' Class initially enrolled after a certain date; authorizing renewed membership in the retirement system for retirees who are reemployed in a position eligible for the Elected Officers' Class under certain circumstances, etc.

AI Summary

This bill modifies the Florida Retirement System (FRS) by adjusting the requirements for when a member becomes "vested," meaning they are guaranteed a future retirement benefit. For those initially enrolled in the FRS pension plan on or after July 1, 2015, they will now need 10 years of creditable service to be vested, an increase from previous requirements. Additionally, certain elected officials who join the FRS on or after July 1, 2015, will be automatically enrolled in the FRS Investment Plan, a defined contribution plan where benefits depend on investment performance, rather than the traditional pension plan. The bill also allows retirees who are re-employed in positions eligible for the Elected Officers' Class to rejoin the retirement system under specific conditions. These changes aim to ensure the long-term financial health of the state's retirement system.

Committee Categories

Budget and Finance, Government Affairs

Sponsors (0)

No sponsors listed

Other Sponsors (3)

Appropriations (Senate), Community Affairs (Senate), Governmental Oversight and Accountability (Senate)

Last Action

Died on Calendar, companion bill(s) passed, see HB 5005 (Ch. 2014-54) (on 05/02/2014)
(7 Companion Bills)

bill text

bill summary

Loading...

bill summary

Loading...

bill summary

Document Type Source Location Created
State Bill Page http://www.flsenate.gov/Session/Bill/2014/1114 02/20/2014
Senate Floor Amendment #860600 http://www.flsenate.gov/Session/Bill/2014/1114/Amendment/860600/HTML 05/02/2014
Senate Floor Amendment #364164 http://www.flsenate.gov/Session/Bill/2014/1114/Amendment/364164/HTML 05/02/2014
Senate Floor Amendment #545414 http://www.flsenate.gov/Session/Bill/2014/1114/Amendment/545414/HTML 05/02/2014
Senate Floor Amendment #446396 http://www.flsenate.gov/Session/Bill/2014/1114/Amendment/446396/HTML 05/01/2014
Senate Floor Amendment #730910 http://www.flsenate.gov/Session/Bill/2014/1114/Amendment/730910/HTML 05/01/2014
House Floor # http://www.flsenate.gov/Session/Bill/2014/1114/BillText/e1/PDF#page=7 05/01/2014
BillText http://www.flsenate.gov/Session/Bill/2014/1114/BillText/e1/HTML 05/01/2014
Bill http://www.flsenate.gov/Session/Bill/2014/1114/BillText/e1/PDF 05/01/2014
House Floor # http://www.flsenate.gov/laws/statutes/2013/0121.021 04/30/2014
House Floor # http://www.flsenate.gov/Session/Bill/2014/1114/BillText/c2/PDF#page=7 04/30/2014
BillText http://www.flsenate.gov/Session/Bill/2014/1114/BillText/c2/HTML 04/26/2014
Bill http://www.flsenate.gov/Session/Bill/2014/1114/BillText/c2/PDF 04/26/2014
Senate Committee Amendment #388390 to Amendment (343792) http://www.flsenate.gov/Session/Bill/2014/1114/Amendment/388390/HTML 04/23/2014
Senate Committee Amendment #938756 http://www.flsenate.gov/Session/Bill/2014/1114/Amendment/938756/HTML 04/22/2014
Senate Committee Amendment #343792 http://www.flsenate.gov/Session/Bill/2014/1114/Amendment/343792/HTML 04/22/2014
BillText http://www.flsenate.gov/Session/Bill/2014/1114/BillText/c1/HTML 04/15/2014
Bill http://www.flsenate.gov/Session/Bill/2014/1114/BillText/c1/PDF 04/15/2014
BillText http://www.flsenate.gov/Session/Bill/2014/1114/BillText/Filed/HTML 02/20/2014
Bill http://www.flsenate.gov/Session/Bill/2014/1114/BillText/Filed/PDF 02/20/2014
Loading...