FL S1128

Requires all retirement plans to regularly disclose the present value of accrued vested, nonvested, and total benefits using standardized financial accounting standards to improve comparability between local plans.

Limits compensation used to calculate retirement benefits for service earned after July 1, 2011, to include up to 300 hours per year of overtime but prohibits inclusion of accrued unused sick leave or annual leave payments.

Prohibits use of plan surpluses for expenses outside the plan and prevents local governments from reducing contributions required to fund normal costs.

Directs the Department of Management Services to develop standardized financial strength ratings for all local government defined benefit pension plans and submit recommendations to state leadership by January 1, 2012.

Creates Task Force on Public Employee Disability Presumptions to review disability benefit presumptions for firefighters and police officers, analyze fiscal impacts, and recommend legislative changes by January 1, 2012.