FL H4063

Increases the benefit accrual rate from 3% to 3.2% for all years of service up to 26 years for members retiring on or after October 1, 2026, with 1% for service beyond 26 years

Updates actuarial equivalence calculations by removing outdated mortality projection language and revising the definition of "salary" to clarify total cash remuneration from the City, excluding lump sum leave payouts

Revises vested deferred retirement requirements to allow full benefits at age 50 with 20 years of service or age 55 with 10 years of service without early retirement reduction

Modernizes minimum distribution requirements to comply with current IRS rules, including updated required beginning dates (age 73 for those turning 72 after December 31, 2022; age 75 for those turning 74 after December 31, 2032)

Expands investment divestiture requirements to include companies scrutinized under both sections 215.473 and 215.4725 of Florida Statutes, and increases the small benefit lump sum threshold from $1,000 to $7,000