FL H7079

Creates new section 121.012 making provisions of Part I of Florida Retirement System chapter applicable to Parts II and III where not inconsistent or duplicative.

Clarifies definitions of "normal retirement date" and "vesting," establishing different retirement ages and service requirements for members enrolled before and after July 1, 2011 (with higher ages and service years for post-2011 enrollees).

Prohibits retirees initially reemployed in regularly established positions on or after July 1, 2010, from enrolling as renewed members in the Florida Retirement System or optional retirement programs.

Authorizes early distributions of up to 10 percent of member accounts after 1 calendar month of termination (rather than requiring 3 months) if member has reached normal retirement date, across multiple retirement programs.

Clarifies that hardship loans and distributions are prohibited before termination from all employment relationships, except for retirement distributions, de minimis distributions, and required minimum distributions under the Internal Revenue Code.