summary
Introduced
02/10/2016
02/10/2016
In Committee
03/01/2016
03/01/2016
Crossed Over
03/01/2016
03/01/2016
Passed
Dead
03/11/2016
03/11/2016
Introduced Session
2016 Regular Session
Bill Summary
Authorizes renewed membership in retirement system for certain retirees who are reemployed in position eligible for Elected Officers' Class; provides for renewed membership in retirement system for certain retirees of Senior Management Service Optional Annuity Program who are reemployed on or after specified date; requires that certain retirees who are reemployed on or after specified date be renewed members in investment plan; provides vesting requirements; prohibits renewed member from receiving specified disability benefits; requires employer & retiree to make applicable contributions to renewed member's investment plan account; prohibits participation in pension plan; provides that retiree reemployed on or after specified date in regularly established position eligible for State University System Optional Retirement Program or State Community College System Optional Retirement Program is renewed member of that program; authorizes payment of death benefits to surviving spouse or surviving children of member in investment plan; authorizes state board & department to adopt rules; adjusts employer contribution rates in order to fund changes made by act; provides directive to the Division of Law Revision & Information; provides appropriation.
AI Summary
This bill, effective July 1, 2016, allows certain retirees of state-administered retirement systems who are reemployed to rejoin their respective retirement plans, specifically the Florida Retirement System (FRS) investment plan, the State University System Optional Retirement Program (SUSORP), or the State Community College System Optional Retirement Program (SCCSORP), with specific conditions and limitations. It clarifies that these renewed members will participate in the investment plan unless their reemployment is in a position eligible for SUSORP or SCCSORP, in which case they will be renewed members of those programs. The bill also introduces new provisions for line-of-duty death benefits for members of the investment plan, payable to surviving spouses and children, and adjusts employer contribution rates to fund these changes, with appropriations made for the 2016-2017 fiscal year to cover increased employer contributions. Importantly, renewed members are prohibited from receiving certain disability benefits and cannot participate in the FRS pension plan, and their reemployment is subject to existing limitations on post-retirement employment.
Committee Categories
Budget and Finance, Government Affairs
Sponsors (6)
Matthew Caldwell (R)*,
Frank Artiles (R),
Dennis Baxley (R),
Keith Perry (R),
Kathleen Peters (R),
Hazelle Rogers (D),
Other Sponsors (2)
Appropriations Committee (House), State Affairs Committee (House)
Last Action
Died in Governmental Oversight and Accountability, companion bill(s) passed, see SB 7012 (Ch. 2016-213) (on 03/11/2016)
Official Document
bill text
bill summary
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bill summary
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bill summary
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