FL H0151

Beginning July 1, 2024, retirees who have met the definition of termination may be reemployed by a Florida Retirement System employer and receive both retirement benefits and compensation, but may not receive both a salary and retirement benefits for 6 calendar months immediately following retirement.

Removes the prior provision that specifically authorized retired law enforcement officers to be reemployed as school resource officers under separate reemployment rules, folding them into the general reemployment framework.

Closes the Florida Retirement System Preservation of Benefits Plan (an excess benefit arrangement under IRC §415(m)) to new members effective July 1, 2026.

Revises employer contribution rates effective July 1, 2024, including increases to unfunded actuarial liability rates for the Regular Class (from 4.78% to 4.84%), Special Risk Class (from 11.95% to 12.07%), Elected Officers' Class for Legislators/Governor/Cabinet Officers/State Attorneys/Public Defenders (normal rate from 10.45% to 10.70%), and Justices/Judges (UAL rate from 27.93% to 28.49%).

Effective date is July 1, 2024, and the act is declared to fulfill an important state interest related to actuarially sound management of the retirement system.