Bill > H7173

This bill modifies the Florida Retirement System (FRS) by increasing the required years of creditable service for vesting in the pension plan to 10 years for new members joining on or after July 1, 2015, and also increases the required creditable service for disability benefits to 10 years for these new members. It also makes membership in the FRS Investment Plan compulsory for certain employees, specifically those initially enrolled on or after July 1, 2015, in positions covered by the Elected Officers' Class or the Senior Management Service Class, with some exceptions. The bill prohibits elected officials eligible for the Elected Officers' Class from joining the Senior Management Service Class or its optional annuity program after July 1, 2015, and closes the Senior Management Service Optional Annuity Program to new members on that date. Additionally, it provides a specific timeframe for certain existing members to choose between the pension plan or the investment plan.