FL S1334

Establishes new retirement eligibility rules for Special Risk Class members hired on or after July 1, 2012, allowing normal retirement at age 55 with required service or at age 48 with 25 years of creditable service.

Increases vesting requirements for members hired on or after July 1, 2012 from 8 years to 10 years of creditable service.

Defaults new employees hired on or after July 1, 2012 to enrollment in the investment plan rather than the pension plan, with a 12-month election period to switch to the pension plan.

Prohibits employees enrolled in the investment plan on or after July 1, 2012 from moving to the pension plan after the initial 12-month election period.

Adjusts early retirement benefit reduction calculations for members hired on or after July 1, 2012 to align with the new normal retirement ages.