HB 7173 Summary - Florida Retirement System

• Increases vesting requirements for members initially enrolled on or after July 1, 2015, from 8 years to 10 years of creditable service in the pension plan.

• Makes employees in Elected Officers' Class and Senior Management Service Class initially enrolled on or after July 1, 2015, compulsory members of the investment plan instead of the pension plan.

• Prohibits elected officials eligible for the Elected Officers' Class from enrolling in the Senior Management Service Class or its optional annuity program effective July 1, 2015, and closes the Senior Management Service Optional Annuity Program to new members.

• Increases disability benefits eligibility from 8 years to 10 years of creditable service for pension plan members initially enrolled on or after July 1, 2015, and for investment plan members initially enrolled on or after that date.

• Revises default enrollment and plan election procedures for new employees hired on or after July 1, 2015, allowing an 8-month election period to choose between pension and investment plans, with automatic investment plan enrollment if no election is made.