HB 229 Summary

• Amends the General Employees' Pension Plan for the City of Tampa to revise definitions of "Salaries or Wages," "Employee," and "Military Service Time" to include additional compensation types and clarify coverage for various employment categories.

• Establishes mandatory employee contributions to the pension fund beginning January 1, 2005, with the City paying contributions on behalf of employees as tax-deferred "pick-up" contributions under Internal Revenue Code Section 414(h).

• Allows DROP (Deferred Retirement Option Program) participants to elect investment options annually, choosing between fund net investment performance or a low-risk variable rate selected by the Board of Trustees.

• Permits non-spouse beneficiaries to roll over death benefits via direct trustee-to-trustee transfer to an inherited individual retirement account, and establishes default distribution procedures when members fail to elect distribution options.

• Updates benefit limitations, distribution requirements, and rollover provisions to comply with current Internal Revenue Code sections, including Sections 401(a)(9), 415, and 414(d) governing retirement plan distributions and limits; effective October 1, 2011.