FL H0603

Reorders and amends section 112.625, Florida Statutes, to define "long-range return rate" as an actuarial assumed rate of return expected to be realized at least 50 percent of the time over the next 30-year period.

Requires retirement plans with actuarial assumed rates of return greater than the long-range return rate to include in actuarial reports: the difference between rates, actions taken to reduce the assumed rate, changes to investment strategy, and estimated additional costs if using the long-range return rate.

Restricts actuarial cost methods to only those approved under the Employee Retirement Income Security Act of 1974 and Treasury Department regulations.

Updates cross-references in sections 175.261 and 185.221 relating to firefighter and police officer retirement plan valuations to conform with amended definition sections.

Takes effect July 1, 2017, and declares that actuarially sound retirement system management serves an important state interest as required by Florida Constitution Article X, Section 14.