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FL S1810

Bill

Official Source

Status

Failed

3/14/2022

Primary Sponsor

Keith Perry

Click for details

Origin

Senate

2022 Regular Session

AI Summary

  • Revises the definition of "termination" in the Florida Retirement System (FRS) to require that members cease all employment relationships and cease providing services to all employers, not just participating employers
  • Specifies that all terminations must comply with the IRS regulation at 26 C.F.R. § 1.409A-1(h)(1)(ii) governing termination of employment
  • Establishes that volunteer services do not constitute employment by, or provision of services to, an employer, meaning retirees can volunteer without jeopardizing their terminated status
  • Authorizes the Division of Retirement to adopt rules establishing criteria for permissible volunteer services by retirees, and allows employers to create volunteer programs in accordance with those rules
  • Effective date of July 1, 2022, sponsored by Senator Perry

Legislative Description

Retirement

Last Action

Died in Governmental Oversight and Accountability

3/14/2022

Full Bill Text

No bill text available