FL H0599

Deletes requirement that actuarial reports for retirement plans include disclosure of present value of plan benefits.

Establishes that the state is not liable for shortfalls in local government retirement systems or plans.

Requires defined benefit retirement systems and plans (excluding Florida Retirement System) to report specific financial information to the Department of Management Services within 60 days of receiving their certified actuarial report, beginning with plan years ending on or after June 30, 2014.

Mandates plan sponsors make reported information available on websites, including 5-year comparison of assumed versus actual rates of return and portfolio allocation percentages.

Authorizes Department of Management Services to withhold state funds to non-compliant plan sponsors, with plan sponsors able to request a hearing to contest the withholding within 21 days of notice.

Takes effect July 1, 2013.