CS for CS for SB 1114 - Retirement

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

• Makes membership in the Florida Retirement System Investment Plan compulsory for elected officers initially enrolled on or after July 1, 2015, with limited exceptions for those electing optional retirement programs.

• Closes the Senior Management Service Optional Annuity Program to new members effective July 1, 2015, while allowing existing members to retain their enrollment.

• Allows retirees with less than 10 years of service who retired before July 1, 2010, to return to employment on or after January 1, 2015, as renewed members in the investment plan or applicable optional retirement programs, with restricted benefits and contribution provisions.

• Requires the State Board of Administration and Department of Management Services to obtain IRS determination letters regarding potential tax disqualification risks and directs an actuarial study on death benefits for investment plan members killed in the line of duty, due by March 1, 2015.