FL H0509

Requires all firefighter and police officer pension plans to meet state minimum benefits and standards to receive insurance premium tax revenues, eliminating alternative funding methods.

Mandates all local law pension plans establish a defined contribution plan component by October 1, 2014 (or July 1, 2015 for legislatively-created plans) to supplement defined benefit plans.

For plans with long-term funded ratios below 80%, requires municipalities to make additional mandatory contributions to address actuarial deficiencies beyond normal cost payments.

Allows pension plans to reduce excess benefits above required minimums if the plan maintains required benefits and minimum standards; reallocates freed premium tax revenues to fund actuarial deficiencies and supplemental benefits.

Permits municipalities to continue certain plan changes made between August 14, 2012 and February 1, 2013 based on department guidance until October 1, 2017 or until conflicting collective bargaining agreements take effect.