FL S7044

Allows county and circuit judges participating in the Deferred Retirement Option Program (DROP) to transfer all or a portion of their accrued DROP benefits and interest to the Florida Retirement System Investment Plan after their 60-month DROP period ends but before termination of employment

Eligible officers must be at least age 62 (if enrolled in the pension plan before July 1, 2011) or age 65 (if enrolled on or after July 1, 2011) to qualify for the transfer option

Once funds are transferred to the investment plan, the officer cannot transfer them back to the Florida Retirement System Trust Fund, and distributions cannot occur until the member terminates all employment relationships

Requires the State Board of Administration and Department of Management Services to request a private letter ruling from the IRS to confirm the changes comply with tax qualification requirements

If the IRS determines any portion of the act would disqualify the Florida Retirement System for tax purposes, that portion would not apply