CS for CS for SB 1392 - Retirement Summary

• Increases vesting requirement from 8 to 10 years of creditable service for Florida Retirement System members initially enrolled on or after July 1, 2014.

• Makes employees in Elected Officers' Class and Senior Management Service Class hired on or after July 1, 2014 compulsory members of the investment plan rather than the pension plan, with limited exceptions.

• Decreases employee retirement contribution rates for investment plan members from 3.00% to 2.00% effective July 1, 2014, while maintaining 3.00% rate for pension plan members.

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

• Increases disability retirement service requirement from 8 to 10 years for pension plan and investment plan members initially enrolled on or after July 1, 2014.