HB 1499 Summary

• Amends s. 112.63 to increase the frequency of actuarial reports for local governmental entities on the pension watch list from every 3 years to every 2 years.

• Creates s. 218.505 establishing a pension watch list for local governmental entities with defined benefit pension plans that have a funded ratio of 80 percent or less.

• Requires entities on the pension watch list to develop a strategy within 90 days to achieve a funded ratio greater than 80 percent, with mediation available if parties cannot agree within 180 days.

• Prohibits plans on the pension watch list from increasing benefit levels and requires all tax revenues under chapters 175 and 185 to be used for current or reduced plan benefit levels until the funded ratio exceeds 80 percent.

• Amends s. 447.4095 to deem a plan sponsor in financial urgency if the plan remains on the watch list for more than 36 months, effective July 1, 2012.