FL S1902

Requires public retirement systems to include 5-year projections of employer contributions in actuarial reports and conduct experience studies at least every 5 years comparing actual performance to assumptions on investment returns, payroll growth, and turnover

Caps normal retirement benefits at 70% of highest annual base pay (or 90% for employees not covered by Social Security) for members who have not attained 10 years of credited service by July 1, 2010

Mandates that pension trust fund boards of trustees submit detailed annual expense reports to the Department of Management Services and obtain plan sponsor approval for administrative budgets at least 120 days before each fiscal year

Prohibits a majority of pension board trustees from being members or retirees of the plan they administer, applying to both firefighter and police officer pension trust funds

Allows municipalities and special fire control districts to establish new pension plans with different benefit levels based on hire date or join the Florida Retirement System for new employees while maintaining existing plans, using premium tax funds for either purpose