SB 980 Summary

• Requires retirement system governing bodies to review enrolled actuaries' statements within 30 days and provide written explanations if adopting different actuarial assumptions than recommended.

• Increases Department of Management Services review frequency of actuarial valuations from triennial (every 3 years) to ongoing basis and requires local government retirement systems to submit detailed member information with actuarial reports beginning October 1, 2018.

• Reduces unfunded liability amortization period from 40 years to 30 years for retirement systems established after October 1, 2018, and changes payroll growth assumption basis from 10-year to 3-year average.

• Requires Florida Retirement System actuarial study results be reported annually to the Governor and presiding officers of the Legislature, and mandates these officials acknowledge and review the report within 30 days with written explanations of any assumptions that differ from actuarial recommendations.

• Expands actuarial report requirements to include analysis of assumed rate of return, list of employee benefits, and requires contribution reporting as percentage of plan sponsor's annual revenue in addition to existing formats.