FL H1363

Requires retirement system governing bodies to review enrolled actuary statements within 30 days and provide written explanations if they adopt different actuarial assumptions than recommended, published as addendum to reports.

Increases Department of Management Services review frequency of retirement system actuarial valuations from triennial to at least triennial basis and requires local governments to submit specified member data with actuarial reports beginning October 1, 2018.

Establishes 30-year amortization requirement for unfunded liabilities of retirement systems established after October 1, 2018, and changes payroll growth assumption calculation from 10-year to 3-year average for unfunded liability amortization schedules.

Requires Florida Retirement System administrator to provide annual actuarial study results to Governor and Legislature presiding officers by December 31 before next legislative session, and requires Governor and presiding officers to acknowledge and review within 30 days with written explanations for any differing assumptions adopted.

Effective July 1, 2018, with section 121.0312 amendments effective July 1, 2019.