HB 931 Summary

• Extends the use of Chapter 175 insurance tax funds to reduce employee contributions to the West Palm Beach Firefighters Pension Fund through calendar year 2014, with Chapter 175 funds resuming allocation to share accounts beginning 2015.

• Clarifies that Chapter 175 funds used to reduce employee contributions are not refundable as employee contributions and prohibits consideration of these funds when calculating contribution refunds.

• Authorizes vested members with more than 10 years of service to request refunds of their contributions without interest in lieu of receiving future benefits.

• Requires members retiring on or after May 13, 2012 to take lump sum distributions of accumulated sick and vacation leave within 6 months of termination, with exceptions for members who reached normal retirement age before May 13, 2012 or had earlier BackDROP dates.

• Reduces the actuarial assumed investment rate of return from 8.25 percent to 8 percent effective October 1, 2014, without increasing City pension contributions due to offsetting assumption changes.