FL S2766

Revises the General Employees' Pension Plan for the City of Tampa to expand the definition of "Salaries or Wages" to include elective deferrals under Internal Revenue Code sections 125, 403(b), 457, and 132(f)(4), while excluding severance pay and unused leave payouts.

Changes mandatory employee pension contributions to be paid by the City on behalf of members as tax-deferred employer "pick-up" contributions effective for earnings paid beginning January 1, 2005, with members prohibited from receiving contributed amounts directly.

Allows non-spouse designated beneficiaries to roll over death benefits via direct trustee-to-trustee transfers to inherited individual retirement accounts, and permits eligible non-spouse beneficiaries to roll over distributions meeting the definition of eligible rollover distributions.

Provides DROP (Deferred Retirement Option Program) participants the ability to elect whether interest on their accounts accumulates at a rate reflecting the Fund's net investment performance or at a low-risk variable rate selected annually by the Board of Trustees.

Establishes a default distribution provision whereby members who fail to elect a distribution option have their benefits automatically rolled over to an individual retirement account designated by the Board of Trustees, and updates benefit limitation provisions to comply with Internal Revenue Code Section 415.