CS/CS/HB 7011 Summary

• Requires employees initially enrolled in the Florida Retirement System on or after January 1, 2014, to participate in the Investment Plan instead of the Pension Plan, with limited exceptions for optional retirement programs.

• Restricts transfers from optional retirement programs to the Florida Retirement System, allowing only one transfer opportunity during July 1, 2003, through December 31, 2013, with no transfers permitted after January 1, 2014.

• Closes the Senior Management Service Optional Annuity Program to new members effective January 1, 2014, and prohibits elected officials from enrolling in the Senior Management Service Class after that date.

• Establishes a self-directed brokerage account option for investment plan members with specific requirements including minimum balances of $5,000 in regular investment products and $1,000 minimum transfers.

• Provides a $100,000 life insurance benefit (10 times annual salary paid monthly over 20 years) for Special Risk Class members killed in the line of duty, and adjusts employer contribution rates for unfunded actuarial liability effective January 1, 2014.