SB 660 Summary

• Renames the "Public Employee Optional Retirement Program" to the "Public Employee Retirement Investment Program" throughout Florida Statutes

• Changes program enrollment policy so employees hired before January 1, 2011 may elect between defined benefit and defined contribution programs, while all employees hired on or after January 1, 2011 must enroll in the defined contribution program

• Removes obsolete provisions related to the 2002 optional transfer period from defined benefit to defined contribution programs and eliminates requirements for comparative educational programs between retirement options

• Updates all cross-references and statutory citations to conform to the new program name and consolidates related definitions in the defined contribution program section

• Effective July 1, 2010