Bill > H0087

This bill expands death benefits for surviving spouses and children of members of the Florida Retirement System (FRS) who are in the Special Risk Class and are killed in the line of duty. Specifically, it allows for the extension of monthly death benefit payments to a child until their 25th birthday if they are unmarried and enrolled as a full-time student, provided the member was killed on or after July 1, 2014, and the benefit changes take effect on July 1, 2016. The bill also adjusts employer contribution rates to fund these enhanced benefits, with an increase for the Special Risk Class and the Deferred Retirement Option Program (DROP), and allocates a specific percentage of compensation for line-of-duty death benefit coverage for Special Risk Class members in the FRS Investment Plan. Additionally, it clarifies that the State Board of Administration or Division of Retirement must take action if the Internal Revenue Service (IRS) disqualifies any part of the program for tax purposes, and it appropriates funds for the 2016-2017 fiscal year to cover the increased employer contributions. The bill also declares that these changes fulfill an important state interest by providing basic protections for state employees and their dependents.