FL S1160

Requires municipalities and special fire control districts to obtain approval before placing premium tax income into a separate supplemental pension plan for firefighters and police officers.

Allows premium tax revenues to be used to provide benefits through either defined benefit or defined contribution retirement plans instead of limiting use to one type.

Makes retirement benefits, employee contributions, and premium tax revenue use subject to collective bargaining procedures under Florida law if participating firefighters and police officers are represented by an employee organization.

Declares that providing fair and adequate retirement benefits to state and local government employees through actuarially sound systems serves an important state interest.

Takes effect October 1, 2015.