FL H1151

Allows municipalities with closed police pension plans (fewer than five active members due to service transfers or mergers) to advance payment for annuity contracts to fund accrued plan liabilities.

Permits the board of trustees, with member approval, to repay the advanced annuity cost using future premium tax revenues from the insurance premium tax fund.

Requires the plan to repay the full advanced cost to the municipality before being deemed fully funded, while still allowing continued receipt of premium taxes for additional benefits.

Clarifies that premium tax revenues must be used exclusively for police officer benefits, except under the new limited circumstances for closed plans with fewer than five active members.

Takes effect July 1, 2010.