For those who do not receive Ditrict 2 emails, a few proposed legislative bills affecting our pensions have been proposed. Both the State Senate and house bills may be downloaded from this page. Here is an overview provided by District 2:
Senate Bill 1902 proposed by Senator Michael Bennett
(a) On or after January 1, 1980, the normal retirement benefit or pension payable to a retiree who becomes a member of a any retirement system or plan and who has not previously participated in such system or plan may, on or after January 1, 1980, shall not exceed 100 percent of his or her average final compensation.
(b) Notwithstanding paragraph (a), the normal retirement benefit or pension payable to a member of a retirement system or plan who has not attained 10 years of credited service under such a system or plan by July 1, 2010, may not exceed 70 percent of his or her highest annual base pay, excluding overtime and other additional compensation. However, if the member’s employer does not participate in the federal Social Security Act for such member, the normal retirement benefit or pension payable to the member may not exceed 90 percent of his or her highest annual base pay, excluding overtime and other additional compensation.
d) A majority of the members of a board of trustees may not be members or retirees of the plan for which the board is administering the trust fund.
(b) Firefighter member contributions may be increased by consent of the members’ collective bargaining representative or, if none, by majority consent of firefighter members of the fund(to provide greater benefits. ) DELETED
(5) A municipality or special fire control district may establish one or more new plans, or benefit levels within a plan, which provide different benefit levels for plan members based on the member’s date of hire if the new plan or benefit level provides pension benefits that, in the aggregate, meet or exceed the minimum benefits set forth in this chapter, as determined by the plan’s actuary. A municipality or special fire control district may elect to maintain an existing plan and join the Florida Retirement System for employees hired after a specified date. A municipality or special fire control district choosing to operate under this subsection shall use the premium tax provided under this chapter for the current plan or benefit level, for any additional plan or benefit level, or for contributions to the Florida Retirement System.
House Bill 1319 proposed by Representative Tom Grady
Governmental Retirement Systems: Designates act "Public Employee Retirement Preservation Act"; requires certain public employees to contribute an additional specified percentage of their gross income for certain purposes; provides requirements for certain retirement system or plan actuarial reports & experience studies; provides for closing of certain plans; provides maximum retirement benefit for certain retirement system or plan members; provides requirements for board of trustees of each retirement system or plan; provides membership requirements for special fire control district board of trustees; revises requirements for increasing firefighter member contributions; authorizes municipality or special fire control district to establish defined contribution retirement plan for certain purposes; requires municipalities & special fire control districts with their own pension plans for firefighters to provide certain extra benefits; provides membership requirements for municipality board of trustees; revises requirements for increasing police officer member contributions; authorizes municipality to establish defined contribution retirement plan for certain purposes; requires municipalities with their own pension plans for police officers to provide certain extra benefits; requires state & local government balance sheets to contain certain pension information; requires the Chief Financial Officer & officials of governing bodies of political subdivision of the state to issue specified reports; authorizes certain units of government to postpone compliance with provisions of this act under specified conditions; provides effective dates.
Download:
HB+1319.pdf
Pension Bill SB 1902.pdf
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