FL H0087

Authorizes monthly pension death benefits for surviving spouses and children of Special Risk Class members killed in the line of duty on or after July 1, 2014, payable through the Florida Retirement System Investment Plan beginning July 1, 2016

Surviving spouse receives one-half of the member's monthly salary for life or may elect an alternative benefit if vested; benefits extend to unmarried children under age 18 (or age 25 if enrolled as full-time student)

Requires transfer of deceased member's account balance from individual investment plan accounts to a survivor benefit account in the Florida Retirement System Trust Fund to fund monthly survivor benefits

Increases employer contribution rates for Special Risk Class by 0.45 percentage points and Deferred Retirement Option Program by 0.06 percentage points to fund new benefits

Appropriates $5,445,537 from General Revenue Fund and $1,062,991 from trust funds for fiscal year 2016-2017 to cover increased employer contribution costs for state agencies, universities, colleges, and school districts