FL S0458

Requires all firefighter and police officer pension plans to meet minimum benefits and minimum standards as a condition precedent to receiving insurance premium tax revenues, with distinctions between "required benefits" (base benefits as of March 12, 1999) and "minimum benefits" for plans created after that date.

Mandates that local law plans establish a defined contribution plan component by October 1, 2013 (or July 1, 2014 for legislatively-created plans) to provide supplemental benefits alongside the defined benefit component.

Establishes mandatory additional contributions by municipalities or special fire control districts when a plan's long-term funded ratio falls below 80 percent, with base premium tax revenues (1997 baseline) funding required benefits and additional revenues allocated according to funded ratio thresholds.

Allows municipalities that implemented plan changes between August 14, 2012 and February 1, 2013 based on department interpretations to continue those changes until October 1, 2016 or until a conflicting collective bargaining agreement takes effect.

Removes limitations on state contributions for additional benefits and eliminates provisions allowing local law plans to limit overtime payments included in retirement benefit calculations for agreements entered into on or after July 1, 2011.