FL S7012

Authorizes payment of monthly death benefits to surviving spouses and children of Special Risk Class members killed in the line of duty on or after July 1, 2013, with benefits equal to one-half of the member's monthly salary at time of death.

Extends child survivor benefit payments until age 25 (instead of age 18) if the child is unmarried and enrolled as a full-time student, effective July 1, 2016.

Establishes a survivor benefit account within the Florida Retirement System Trust Fund to separately account for and manage line-of-duty death benefits for investment plan members.

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

Appropriates $5,445,537 from General Revenue Fund and $1,062,991 from trust funds for the 2016-2017 fiscal year to pay increased employer contributions required by state agencies, universities, colleges, and school districts.