Loading chat...
FL S1022
Bill
AI Summary
- Allows Florida Retirement System members who were enrolled in the pension plan before 2002 and previously switched to the investment plan to make a second election to move back to the pension plan, effective July 1, 2024
- Requires the Division of Retirement to notify eligible employees of this option no later than July 30, 2024, with employees having 90 days after receiving notice to file a written election with the third-party administrator
- Defers the cost of switching back to the pension plan 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
- Caps the amortized cost at no more than 25 percent of the member's retirement benefits
- Retirees who return to covered employment as "renewed members" remain ineligible to elect pension plan membership under this new provision
Legislative Description
Pension Plan Election Under the Florida Retirement System
Last Action
Died in Governmental Oversight and Accountability
3/8/2024
Full Bill Text
No bill text available