FL H1139

Prohibits the State Board of Administration from paying Florida Retirement System investment plan benefits to members convicted of specified felonies (sexual offenses against minors committed using their public office), while requiring the return of the member's accumulated contributions as of the date of conviction

Authorizes the State Board of Administration to develop investment products for the FRS investment plan and revises spousal beneficiary designation procedures, allowing members to request a waiver of the spouse acknowledgment requirement via affidavit if the spouse cannot be located or fails to respond

Expands the board's investment authority by broadening permissible real property investments to include ownership through affiliated LLCs and joint ventures, authorizing the board and affiliated entities to issue securities and borrow money, and increasing the alternative investment cap from 20% to 30% of any fund

Strengthens the Scrutinized Companies that Boycott Israel provisions by expanding the definition of "boycott of Israel" to include adverse actions such as changes to commercial ratings based on nonpecuniary factors, adding a mandatory divestment process within 12 months for non-compliant companies, and requiring written notice to newly identified scrutinized companies

Removes authorization for the Investment Advisory Council to obtain independent investment counsel at the board's expense and simplifies the proposed plan requirements the board must present to the council before engaging in otherwise unauthorized investments