FL S2088

Allows municipalities and special fire control districts with their own pension plans for firefighters or police officers to use alternative retirement benefits and premium tax income if mutually agreed upon by the municipality and the plan members' collective bargaining representative or a majority of plan members, retroactive to October 1, 2010.

Revises the definition of "compensation" or "salary" for police officers' pensions to allow overtime calculation flexibility, permitting a minimum of 300 hours per calendar year unless a smaller amount is mutually agreed upon by the collective bargaining representative and municipality.

Allows similar mutual consent provisions for police officer pension plans under Chapter 185, with retroactive application to agreements entered into or effective on or after October 1, 2010.

Declares that providing fair and adequate retirement benefits to state and local government employees, retirees, and their dependents serves an important state interest as required by the State Constitution.

Takes effect July 1, 2012.