FL S0542

Expands death benefits eligibility to allow any designated beneficiary to receive the same benefits as a "joint annuitant" under the State Retirement System, rather than limiting benefits to spouses and financial dependents.

Modifies retiree health insurance subsidy provisions to extend eligibility to designated beneficiaries as defined in sections 121.091(8) and 121.4501(20), removing previous restrictions based on spouse or dependent status.

Changes death benefit provisions for members killed in the line of duty to allow benefits to pass to designated beneficiaries and their children, with accumulated contributions paid to the designated beneficiary upon the youngest child reaching age 18 or upon majority.

Allows beneficiaries of deceased members to purchase additional service credit and receive continued monthly benefits under options previously available only to spouses and joint annuitants.

Effective date: July 1, 2012; Legislature declares the act fulfills an important state interest in providing fair and adequate retirement system benefits.