summary
Introduced
04/17/2014
04/17/2014
In Committee
Crossed Over
Passed
Dead
05/02/2014
05/02/2014
Introduced Session
2014 Regular Session
Bill Summary
Revises legislative declaration regarding firefighter pension plans; provides new definitions; revises provisions related to firefighters' pension trust fund; revises provisions relating to municipalities & special fire control districts that have their own pension plans; revises criteria governing benefits to be funded from premium tax revenues and uses thereof; requires plan sponsors to have defined contribution plan in place by certain date; authorizes municipality to make changes to local law plan under certain circumstances; revises legislative declaration police officer pension plans; creates new definitions; revises provisions regarding police officers' retirement trust fund; deletes provision basing additional benefits in police officer pension plan upon state funding; revises calculation of monthly retirement income for police officer; revises provisions regarding certain police officer pension plans; revises provisions relating to municipalities that have their own pension plans for police officers & want to participate in distribution of excise tax fund; revises criteria governing use of revenues from premium tax; revises provisions regarding excess benefits under certain circumstances; requires plan sponsors to have defined contribution plan in place by certain date; revises authorities that municipality has to implement certain changes to local law plan; provides declaration of important state interest.
AI Summary
This bill revises provisions related to pension plans for firefighters and police officers in Florida, aiming to ensure their financial soundness and fairness. Key changes include updating definitions for terms like "average final compensation" and "creditable service," and clarifying how pension benefits are funded, particularly concerning insurance premium tax revenues. The bill mandates that plan sponsors (municipalities and special fire control districts) must have a defined contribution plan in place by a certain date, which is a type of retirement plan where contributions are made to individual accounts. It also modifies how retirement benefits are calculated, setting a standard accrual rate of 2.75% for both firefighters and police officers, while allowing existing plans below this rate to maintain their current levels under specific conditions. Furthermore, the bill introduces new definitions and clarifies existing ones, such as "additional premium tax revenues" and "base premium tax revenues," which are funds derived from insurance premiums. It also allows municipalities to make certain changes to their local pension plans under specific circumstances and declares that these reforms serve an important state interest by ensuring the stability and adequacy of governmental retirement systems.
Sponsors (1)
Other Sponsors (1)
State Affairs Committee (House)
Last Action
Died, reference deferred (on 05/02/2014)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | http://www.flsenate.gov/Session/Bill/2014/7179 | 04/18/2014 |
| Bill | http://www.flsenate.gov/Session/Bill/2014/7179/BillText/Filed/PDF | 04/18/2014 |
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