FL H1167

Authorizes the Fire Chief of West Palm Beach to opt out of participation in the West Palm Beach Firefighters Pension Fund, consistent with state law provisions.

Reduces member pension contributions to 13.1 percent for calendar years 2012-2017 using chapter 175 insurance tax revenues, with the city making up any shortfall if insufficient funds are available.

Modifies BackDROP (Backwards Deferred Retirement Option Plan) provisions to allow members retiring after October 1, 2015, to choose benefit periods between 1 month and 60 months, instead of the previous 36-60 month requirement.

Removes the requirement for members to take lump sum distributions of share and BackDROP account balances within 6 months after termination for certain member groups and allows alternative payment options including installments and annuities.

Changes the actuarial equivalent value interest rate from 8.00 percent to 8.25 percent for mortality calculations and adjusts the assumed investment rate of return to 8 percent effective October 1, 2014.