FL H7179

Requires all firefighter and police officer pension plans to meet Chapter 175 (firefighters) or Chapter 185 (police officers) minimum benefits and standards to receive insurance premium tax revenues

Revises retirement benefit calculations: monthly income for full-time firefighters and police officers equals years of credited service multiplied by 2.75% of average final compensation; plans with lower percentages must maintain their July 1, 2014 benefit levels

Mandates plan sponsors establish defined contribution plan components by October 1, 2014, and allocates premium tax revenue usage (base revenues for minimum benefits, 50% of additional revenues for defined benefits and 50% for defined contribution plans)

Allows excess benefits to be reduced if plans continue meeting minimum benefit standards; permits mutual consent deviations from revenue usage requirements while maintaining minimum protections

Allows municipalities that relied on Department of Management Services interpretations between August 14, 2012 and March 4, 2014 to continue plan changes until October 1, 2017 or when a conflicting collective bargaining agreement takes effect; effective July 1, 2014