HB 1209 Summary

• Revises the definition of "normal retirement date" for Florida Retirement System members by adjusting age and service requirements, with different rules for members initially enrolled before and after July 1, 2011.

• Updates early retirement benefit calculations to reduce benefits by five-twelfths of 1 percent for each month the retirement date precedes the normal retirement date, using revised age thresholds (age 65 instead of 62 for Regular Class; age 60 instead of 55 for Special Risk Class).

• Modifies Deferred Retirement Option Program (DROP) eligibility and deferral provisions to align with new normal retirement age definitions, allowing members to defer participation to specified ages.

• Adjusts benefit commencement ages for the Investment Plan based on revised service requirements (33 years instead of 30 for regular members; 30 years instead of 25 for Special Risk members).

• Effective date: July 1, 2018.