CS for SB 246 - Local Government Pension Reform

• Requires all firefighter and police officer pension plans to meet minimum benefits and standards set forth in Chapters 175 and 185 to receive insurance premium tax revenues.

• Increases the minimum retirement benefit calculation from 2 percent to 2.75 percent of average final compensation per year of credited service for full-time firefighters and police officers, effective July 1, 2014.

• Establishes separate funding mechanisms for premium tax revenues: base revenues fund minimum benefits, while 50 percent of additional revenues above 2012 levels must fund defined contribution plans and 50 percent must fund defined benefit or other excess benefits.

• Requires municipalities and special fire control districts to establish defined contribution plan components within local law plans by October 1, 2014, or upon entering new collective bargaining agreements.

• Allows deviation from premium tax revenue requirements through mutual consent of members' representatives and the municipality, provided minimum benefits and standards are maintained.