FL S1280

Revises normal retirement dates for Special Risk Class members hired on or after July 1, 2012, to allow retirement at age 48 with 25 years of service (changed from age 57), and increases vesting requirement from 8 to 10 years of creditable service for members hired on or after July 1, 2012.

Changes early retirement benefit calculations for members hired on or after July 1, 2012, to use age 62 as the normal retirement date for Regular Class employees and age 55 for Special Risk Class employees, adjusting from previously higher ages.

Establishes default enrollment in the investment plan (rather than pension plan) for all new state, district school board, and local employer employees hired on or after July 1, 2012, with a 12-month window to elect the pension plan instead.

Restricts employees hired into the investment plan on or after July 1, 2012 from transferring to the pension plan after the initial 12-month election period expires, preventing future plan changes.