FL H1279

Requires board members of firefighters' pension trust funds and municipal police officers' retirement trust funds to serve staggered terms instead of concurrent terms.

Grants boards of trustees authority to establish qualifications for plan administrators, with plan administrator approval requiring a majority-plus-one vote of the plan sponsor.

Authorizes municipal governing bodies to terminate a plan administrator's pension or retirement plan if any provision is found unlawful by a court of competent jurisdiction.

Requires municipalities with pension plans having an assets-to-liabilities ratio of 50 percent or less to conduct an internal audit of plan management, accounting practices, and investments every 3 years, with results provided to the municipality and Department of Management Services.

Applies requirements to local law plans created by special act before May 23, 1939, and takes effect July 1, 2015.