Bill > H7181

This bill modifies provisions of Florida's public retirement systems, primarily the Florida Retirement System (FRS), by adjusting vesting periods for pension plans, making the FRS Investment Plan compulsory for certain new members in specific classes, closing the Senior Management Service Optional Annuity Program to new participants, and revising disability benefit requirements. It also alters rules regarding elected officials' membership, reemployment of retirees, and the use of premium tax revenues for firefighter and police officer pension plans, introducing a defined contribution component for these plans and establishing new definitions for terms like "base premium tax revenues" and "additional premium tax revenues." The bill also clarifies rules for renewed membership in the FRS, particularly for retirees who return to covered employment, and includes a declaration of important state interest regarding the provision of adequate and actuarially sound retirement benefits.