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FL H1637
Bill
Status
Failed
3/8/2024
Primary Sponsor
Jim Mooney
Click for details
AI Summary
- Employees enrolled in the Florida Retirement System Special Risk Class who previously elected to move from the pension plan to the investment plan would be granted an additional opportunity to move back to the pension plan by surrendering the current value of their investment plan account
- The election window to switch back to the pension plan runs from July 1, 2024, through September 30, 2024
- Under existing law, FRS employees generally receive only one lifetime opportunity to switch between the investment plan and the pension plan; this bill creates a special exception for Special Risk Class members who had used that election to leave the pension plan
- Employees moving back to the pension plan must transfer funds representing the present value of their accumulated benefit obligation, using actuarial assumptions from the most recent pension plan valuation
- The Legislature declares the act fulfills an important state interest by ensuring fair and adequate retirement benefits managed in an actuarially sound manner, as required by the State Constitution; the act would take effect July 1, 2024
Legislative Description
Special Risk Class of 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 Subcommittee1/13/2024
Full Bill Text
No bill text available