HB 881 Summary

• Allows retirees initially reemployed in Special Risk Class and Elected Officers' Class positions on or after July 1, 2016, to renew membership in the Florida Retirement System investment plan as renewed members.

• Enables retirees of the Senior Management Service Optional Annuity Program who reenter covered employment on or after July 1, 2016, to become renewed members under the system.

• Prohibits creditable service accrual and contributions during July 1, 2010 through June 30, 2016 for reemployed retirees, prevents past service purchases for that period, and requires vesting requirements and satisfaction of termination conditions.

• Requires employers to make employer and employee contributions for military service credit earned on or after July 1, 2016, at 6.5 percent interest compounded annually.

• Increases employer contribution rates effective July 1, 2016, across multiple retirement classes (Regular Class 0.05-0.18 percentage points, Elected Officers' Classes 0.14-1.01 percentage points, and others) to fund the benefit changes.