HB 1403 - Florida Retirement System

• Municipalities, metropolitan planning organizations, and special districts created on or after July 1, 2021, must participate in the Florida Retirement System; previously, participation was optional.

• For active members who die before retirement, beneficiaries who do not qualify as joint annuitants receive benefits according to the member's selected option or the default optional form of payment, rather than only the return of personal contributions.

• Eligible employees who elected between June 1, 2002, and June 30, 2011, receive a one-time 90-day window beginning July 1, 2021, to transfer from the pension plan back to the investment plan.

• Retired persons whose retirement became effective on or after July 1, 2021, may hold an elective public office covered by the Florida Retirement System and receive both retirement benefits and office compensation without time limitations.

• Effective July 1, 2021, pension plan employees may contribute additional voluntary amounts beyond the required contribution rate to purchase additional retirement service credit.