CS for CS for SB 2024 Summary

• Creates section 121.012 to clarify that provisions in Part I of the Florida Retirement System chapter apply to Parts II and III when not inconsistent or duplicative.

• Amends normal retirement date and vesting definitions to differentiate eligibility requirements for members initially enrolled before July 1, 2011 versus those enrolled on or after July 1, 2011, with increased age and service requirements for later enrollees.

• Authorizes early distribution of up to 10 percent of account balances after 1 calendar month of termination (instead of 3 months) for members who have reached normal retirement date across multiple retirement programs.

• Clarifies that retirees reemployed in regularly established positions on or after July 1, 2010 cannot enroll as renewed members in the Florida Retirement System.

• Restricts benefit distributions to retirement, mandatory de minimis distributions, and required minimum distributions under the Internal Revenue Code, eliminating previous hardship withdrawal options.