FL S0752

Revises the General Employees' Pension Plan for the City of Tampa to expand the definition of "Salaries or Wages" to include certain tax-deferred compensation (Sections 125, 403(b), 457, and 132(f)(4) of the Internal Revenue Code) while excluding severance pay and unused accrued leave.

Requires all mandatory employee pension contributions to be paid by the City on behalf of employees as tax-deferred employer "pick-up" contributions under Section 414(h) of the Internal Revenue Code, effective for earnings paid beginning January 1, 2005.

Allows Deferred Retirement Option Program (DROP) participants to elect an investment option annually, choosing between Fund's 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 rollover procedures if members fail to elect a distribution option.

Updates benefit limitation provisions to reference Section 415(b) of the Internal Revenue Code instead of fixed dollar amounts and modifies distribution requirements to comply with Section 401(a)(9) of the Internal Revenue Code and applicable federal regulations.