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FL S1416
Bill
AI Summary
- Employees enrolled in the Florida Retirement System's 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
- The election window to transfer back to the pension plan runs from July 1, 2024, through September 30, 2024, and requires the employee to surrender the current value of their investment plan
- Under existing law, employees generally have only one opportunity to switch between the pension plan and the investment plan; this bill creates a special exception for Special Risk Class members
- The Legislature declares the act fulfills an important state interest, citing the constitutional requirement under Article X, Section 14 that public retirement benefits be managed and funded in an actuarially sound manner
- The act has an effective date of July 1, 2024
Legislative Description
Special Risk Class of the Florida Retirement System
Last Action
Died in Governmental Oversight and Accountability
3/8/2024
Full Bill Text
No bill text available