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FL H0973
Bill
Status
Failed
3/8/2024
Primary Sponsor
John Temple
Click for details
AI Summary
- Eligible Florida Retirement System employees who were enrolled in the pension plan before 2002 and previously switched to the investment plan may make a second election to move back to the pension plan, effective July 1, 2024
- The Division of Retirement must notify qualifying employees of their eligibility to make this election no later than July 30, 2024
- Eligible employees must file their written election with the third-party administrator within 90 days of receiving notice, with the switch taking effect on the first day of the month after receipt
- The cost of moving back to the pension plan is deferred until the member's retirement; if the member cannot pay or terminates employment before retiring, the cost is amortized over 10 years beginning at retirement, capped at 25% of retirement benefits
- Renewed members (retirees reemployed in covered positions) remain ineligible to elect pension plan membership under the new provision
Legislative Description
Pension Plan Election under Florida Retirement System
Last Action
Died in Constitutional Rights, Rule of Law & Government Operations Subcommittee
3/8/2024
Committee Referrals
Constitutional Rights, Rule of Law & Government Operations Subcommittee1/5/2024
Full Bill Text
No bill text available