FL H1543

Repeals the Elected Officers' Class, Senior Management Service Class, and Special Risk Administrative Support Class within the Florida Retirement System; remaining members transition to Regular or Special Risk classes.

Limits overtime factoring in pension benefits to 4 percent of base compensation and reduces service credit accrual for special risk members from variable rates to a flat 2 percent.

Requires retirement systems to conduct actuarial experience studies every 5 years comparing actual experience to assumptions and provide 5-year projections of employer contributions.

Restricts pension benefits for members with less than 10 years of service by July 1, 2010 to 70 percent of highest annual base pay (90 percent if employer does not participate in Social Security).

Requires retirement system boards to submit detailed expense reports and administrative budgets for approval and mandates that a majority of board trustees cannot be plan members or retirees; provides forfeiture of pension benefits for elected officials convicted of crimes or forced to resign via plea bargain.