HB 889 Summary

• Amends Chapter 24981 (1947), Laws of Florida, governing the West Palm Beach Police Pension Fund to revise retirement pension calculations and conform terminology.

• Retroactive lump sum payments for retroactive pay are treated as distributed across the retroactive pay periods rather than as a single lump sum for purposes of calculating final average salary.

• For years of service earned after October 1, 2017, increases the retirement benefit multiplier from 2.68 percent to 3 percent of final average salary per year (up to 26 years of service), with 1 percent for service beyond 26 years.

• Establishes the minimum retirement benefit at 2 percent per year of credited service, eliminating previous language referencing 2.75 percent.

• Effective for retirements after June 6, 2017, permits actuarial reduction of survivor spouse benefits if the surviving spouse was not married to the retiree at the time of retirement.