HB 413 Summary

• Renames program: Changes "Public Employee Optional Retirement Program" to "Public Employee Retirement Investment Program" throughout Florida Statutes

• Mandatory enrollment for new employees: Employees hired on or after January 1, 2011, are required to enroll in the defined contribution program; employees hired before that date may choose between defined benefit and defined contribution programs

• Retiree definition expansion: Modifies definition of "retiree" for group insurance eligibility to include those retiring under the defined contribution program who meet age/service requirements or IRS code provisions

• Eliminates educational program requirement: Removes requirement for educational program comparing retirement plans, though education on plan choices remains available

• Technical conforming changes: Updates numerous cross-references and statutory citations throughout chapters 110-121 to reflect program name change and new enrollment requirements