CS for SB 172 Summary

• Establishes that minimum benefits and minimum standards for firefighter and police officer pension plans are conditions precedent to receiving insurance premium tax revenue distributions under sections 175.121 and 185.10.

• Restructures local law plans to include both a defined benefit plan component and a defined contribution plan component, with specific allocation requirements for insurance premium tax revenues effective October 1, 2015.

• Increases the minimum retirement benefit for full-time firefighters and police officers from 2 percent to 2.75 percent of average final compensation per year of credited service, with grandfathering provisions for plans providing lower percentages as of July 1, 2015.

• Requires boards of trustees to provide detailed annual accounting reports of expenses and administrative budgets to plan sponsors and members, with reports posted on the board's website if available.

• Allows plans to deviate from premium tax revenue allocation requirements by mutual consent of members' collective bargaining representatives (or majority of members if no representative) and the municipality or special fire control district, provided minimum benefits and standards are maintained.