FL S0632

Defines "long-range return rate" as an actuarial assumed rate of return expected to be realized at least 50 percent of the time over a 30-year period.

Prohibits the actuarial assumed rate of return for any retirement plan from exceeding the long-range return rate beginning January 1, 2021, with the long-range return rate reevaluated every 5 years.

Requires plans exceeding the long-range return rate to reduce their actuarial assumed rate by at least 25 basis points annually until compliance is achieved.

Mandates reporting requirements for non-compliant plans, including required adjustments, timeline for compliance, investment strategy changes, and additional costs resulting from rate reductions.

Takes effect July 1, 2017.