FL H1297

Counties may levy a pension liability surtax at a rate not exceeding 0.5 percent upon approval by majority vote of county electors in a referendum, but only if the retirement plan is below 80 percent actuarial funding.

Surtax proceeds must be applied to reduce or amortize unfunded liabilities of defined benefit retirement plans (excluding Florida Retirement System) over a 30-year period, with the present value of projected proceeds actuarially recognized.

Counties may only impose the surtax if new employees hired after plan closure cannot enroll in defined benefit plans receiving surtax funds, members contribute at least 10 percent of salary, and pension boards are prohibited from collective bargaining.

The pension liability surtax automatically terminates on December 31 of the year the plan reaches 100 percent actuarial funding or December 31, 2060, whichever occurs first.

The combined rate of all local option sales surtaxes authorized under the specified subsections cannot exceed 1 percent.