FL S0242

Requires actuarial reports for retirement plans to include mortality tables from the two most recently published Florida Retirement System valuation reports, with appropriate adjustments based on plan demographics for both preretirement and postretirement mortality assumptions.

Mandates defined benefit retirement systems (excluding Florida Retirement System) to report annual financial statements to the Department of Management Services using the same mortality tables and projection scales specified in actuarial reports, in compliance with Governmental Accounting Standards Board Statements No. 67 and 68.

Requires reporting of supplemental financial statements using a discount rate 200 basis points lower than the plan's assumed rate of return to provide alternative funding perspectives.

Mandates disclosure of how long current market value assets can sustain retirement benefit payments and comparison of recommended contributions under different valuation scenarios.

Takes effect July 1, 2015, and includes a legislative finding that the act serves an important state interest in protecting employees and retirees through actuarially sound retirement systems.