Bill > S7012

This bill, concerning death benefits under the Florida Retirement System (FRS), expands survivor benefits for members in the Special Risk Class, which includes law enforcement officers and firefighters, who are killed in the line of duty. Specifically, it allows surviving spouses and children of these members, who died in the line of duty on or after July 1, 2013, to receive monthly pensions that can be extended until a child's 25th birthday if they are unmarried and full-time students, a change from the previous 18th birthday limit. The bill also addresses members in the FRS Investment Plan, ensuring that their line-of-duty death benefits are funded through specific employer contributions and transfers of accumulated funds to a survivor benefit account. To cover these increased benefits, employer contribution rates for the Special Risk Class and the Deferred Retirement Option Program (DROP) are adjusted, and a specific allocation percentage is established for line-of-duty death benefit coverage. The bill also includes provisions for the State Board of Administration to transfer funds if necessary to ensure timely survivor benefit payments for the 2016-2017 fiscal year and appropriates funds from the General Revenue Fund and trust funds to cover these increased employer contributions.