FL H1025

Prohibits participants entering the Deferred Retirement Option Plan (DROP) on or after June 10, 2015, from receiving cost-of-living increases in benefits while participating in DROP.

Establishes tiered cost-of-living increase caps based on hire date: 3% maximum for those hired before June 10, 2015; 2% maximum for those hired before June 10, 2015 but retiring after that date; and 1.25% maximum for those hired on or after June 10, 2015.

Caps annual overtime pay included in compensation calculations: 300 hours maximum for firefighters with 10+ years of service as of June 10, 2015; 200 hours maximum for those with fewer than 10 years of service as of that date; and no overtime pay for those hired on or after June 10, 2015.

Updates terminology by replacing "Director of Finance" with "Chief Financial Officer" throughout the fund's governance provisions.

Clarifies definitions including "actuarial equivalent," compensation, and "years of service," and specifies that major fractional parts of a year equals 6 months and 1 day.