FL H7241

Revises the definition of "compensation" for firefighters' and police officers' pensions to allow overtime and unused leave to be included in benefit calculations for service earned on or after July 1, 2011, or under collective bargaining agreements entered into on or after that date.

Authorizes municipalities to change municipal representation on pension plan boards of trustees by ordinance, provided such changes do not reduce the membership percentage of firefighters, police officers, or overall municipal representation.

Requires pension plan boards of trustees to provide detailed annual expense reports to plan sponsors and members, and to operate under an administrative expense budget that must be submitted before each fiscal year begins.

Removes the requirement that firefighter and police officer member contribution rates be adjusted to provide greater benefits, allowing existing contribution rates to remain in effect.

Creates the Task Force on Public Employee Disability Presumptions to examine disability presumptions in pension statutes, compare other states' approaches, and submit recommendations to the Governor and Legislature by January 1, 2012.