FL S0534

Deletes the requirement that actuarial reports for retirement plans disclose the present value of accrued vested and nonvested benefits.

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

Requires local government defined benefit retirement plans to electronically report detailed 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 that plans provide specific information on websites including financial statements, actuarial valuations, 5-year comparisons of assumed versus actual rates of return, and investment portfolio breakdowns.

Authorizes the Department of Management Services to notify other state agencies to withhold funds from plan sponsors that fail to submit required information, with plan sponsors able to request a hearing to contest the action within 21 days.