FL S2758

Authorizes the City of Tampa to enter supplemental pension contracts with firefighters and police officers to comply with chapter 2009-97, Laws of Florida, with new members required to sign contracts including these provisions by a deadline and existing members given the option to sign before October 1, 2010.

Increases the maximum time period for conducting trustee elections from 30 days to 60 days prior to term commencement and changes election terminology from "meetings" to "elections."

Allows the board to retain services of more than one nationally recognized professional investment counselor and increases the foreign securities investment cap from 10% to 25% of the fund, with restrictions preventing future changes except through general law.

Permits retired members who married or remarried after retirement to elect a voluntarily reduced retirement benefit to provide surviving spouse benefits, subject to specific conditions including spousal age limits and a three-year marriage requirement.

Allows DROP participants to elect annually between two interest accrual options: either the fund's net investment performance rate or a low-risk variable rate selected by the board, rather than being limited to the fund performance rate.