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FL S0400
Bill
Status
Failed
3/8/2024
Primary Sponsor
Governmental Oversight and Accountability
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AI Summary
- Effective July 1, 2024, Florida Retirement System retirees may be reemployed by an FRS-participating employer and simultaneously receive both compensation and retirement benefits after meeting the definition of termination, eliminating the previous 6-calendar-month waiting period before receiving both salary and benefits
- Removes the separate provision that previously allowed only retired law enforcement officers to be reemployed as school resource officers by FRS employers, as the new broader policy renders it unnecessary
- Reemployed retirees may not renew membership in the Florida Retirement System (except as provided in s. 121.122), and employers must pay retirement contributions equal to the unfunded actuarial liability portion of what would be required for active FRS members
- Employer contribution rates are increased across multiple FRS classes to fund the benefit change, ranging from 0.02 to 0.06 percentage points for normal cost rates and 0.00 to 0.10 percentage points for unfunded actuarial liability rates, with the largest increases applying to the Elected Officers' Class for Justices and Judges
- The Legislature declares the act fulfills an important state interest by ensuring retirement benefits are fair, adequate, and managed in an actuarially sound manner as required by the State Constitution
Legislative Description
Reemployment of Retirees in the Florida Retirement System
Last Action
Died in Appropriations
3/8/2024
Committee Referrals
Appropriations2/7/2024
Community Affairs1/30/2024
Full Bill Text
No bill text available