CS/HB 151, Engrossed 1 2024
CODING: Words stricken are deletions; words underlined are additions.
hb0151-02-e1
Page 1 of 20
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
A bill to be entitled 1
An act relating to the Florida Retirement System; 2
amending s. 121.091, F.S.; authorizing certain 3
retirees to be reemployed after terminating 4
employment; prohibiting such retirees from receiving 5
both a salary from the employer and retirement 6
benefits for a specified period after his or her 7
retirement; removing provisions authorizing the 8
reemployment of certain law enforcement officers as 9
school resource officers; amending s. 121.1001, F.S.; 10
prohibiting new participation in a specified plan 11
beginning on a specified date; amending s. 121.71, 12
F.S.; revising employer contribution rates to the 13
Florida Retirement System; amending s. 121.591, F.S.; 14
conforming a cross-reference; providing a declaration 15
of important state interest; providing an effective 16
date. 17
18
Be It Enacted by the Legislature of the State of Florida: 19
20
Section 1. Subsection (9) of section 121.091, Florida 21
Statutes, is amended to re ad: 22
121.091 Benefits payable under the system. —Benefits may 23
not be paid under this section unless the member has terminated 24
employment as provided in s. 121.021(39)(a) or begun 25
CS/HB 151, Engrossed 1 2024
CODING: Words stricken are deletions; words underlined are additions.
hb0151-02-e1
Page 2 of 20
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
participation in the Deferred Retirement Option Program as 26
provided in subsection (13), and a proper application has been 27
filed in the manner prescribed by the department. The department 28
may cancel an application for retirement benefits when the 29
member or beneficiary fails to timely provide the information 30
and documents required by this chapter and the department's 31
rules. The department shall adopt rules establishing procedures 32
for application for retirement benefits and for the cancellation 33
of such application when the required information or documents 34
are not received. 35
(9) EMPLOYMENT AFTER RETIREMENT; LIMITATION. — 36
(a) Any person who is retired under this chapter, except 37
under the disability retirement provisions of subsection (4), 38
may be employed by an employer that does not participate in a 39
state-administered retirement system and receive compensation 40
from that employment without limiting or restricting in any way 41
the retirement benefits payable to that person. 42
(b) Any person whose retirement is effective before July 43
1, 2010, or whose participation in the Deferred Retirement 44
Option Program terminates before July 1, 2010, except under the 45
disability retirement provisions of subsection (4) or as 46
provided in s. 121.053, may be reemployed by an employer that 47
participates in a state -administered retirement system and 48
receive retirement benefits and compensation from that employer, 49
except that the person may not be reemployed by an employer 50
CS/HB 151, Engrossed 1 2024
CODING: Words stricken are deletions; words underlined are additions.
hb0151-02-e1
Page 3 of 20
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
participating in the Florida Retirement System before meeting 51
the definition of termination in s. 121.021 and may not receive 52
both a salary from the employer and retirement benefits for 12 53
calendar months immediately subsequent to the date of 54
retirement. However, a DROP participant shall continue 55
employment and receive a salary during the period of 56
participation in the Deferred Retirement Option Pr ogram, as 57
provided in subsection (13). 58
1. A retiree who violates such reemployment limitation 59
before completion of the 12 -month limitation period must give 60
timely notice of this fact in writing to the employer and to the 61
Division of Retirement or the sta te board and shall have his or 62
her retirement benefits suspended for the months employed or the 63
balance of the 12-month limitation period as required in sub -64
subparagraphs b. and c. A retiree employed in violation of this 65
paragraph and an employer who emplo ys or appoints such person 66
are jointly and severally liable for reimbursement to the 67
retirement trust fund, including the Florida Retirement System 68
Trust Fund and the Florida Retirement System Investment Plan 69
Trust Fund, from which the benefits were paid. The employer must 70
have a written statement from the retiree that he or she is not 71
retired from a state -administered retirement system. Retirement 72
benefits shall remain suspended until repayment has been made. 73
Benefits suspended beyond the reemployment limi tation shall 74
apply toward repayment of benefits received in violation of the 75
CS/HB 151, Engrossed 1 2024
CODING: Words stricken are deletions; words underlined are additions.
hb0151-02-e1
Page 4 of 20
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
reemployment limitation. 76
a. A district school board may reemploy a retiree as a 77
substitute or hourly teacher, education paraprofessional, 78
transportation assistant, bus driver, o r food service worker on 79
a noncontractual basis after he or she has been retired for 1 80
calendar month. A district school board may reemploy a retiree 81
as instructional personnel, as defined in s. 1012.01(2)(a), on 82
an annual contractual basis after he or she has been retired for 83
1 calendar month. Any member who is reemployed within 1 calendar 84
month after retirement shall void his or her application for 85
retirement benefits. District school boards reemploying such 86
teachers, education paraprofessionals, transpor tation 87
assistants, bus drivers, or food service workers are subject to 88
the retirement contribution required by subparagraph 2. 89
b. A Florida College System institution board of trustees 90
may reemploy a retiree as an adjunct instructor or as a 91
participant in a phased retirement program within the Florida 92
College System, after he or she has been retired for 1 calendar 93
month. A member who is reemployed within 1 calendar month after 94
retirement shall void his or her application for retirement 95
benefits. Boards of trustees reemploying such instructors are 96
subject to the retirement contribution required in subparagraph 97
2. A retiree may be reemployed as an adjunct instructor for no 98
more than 780 hours during the first 12 months of retirement. A 99
retiree reemployed for more than 780 hours during the first 12 100
CS/HB 151, Engrossed 1 2024
CODING: Words stricken are deletions; words underlined are additions.
hb0151-02-e1
Page 5 of 20
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
months of retirement must give timely notice in writing to the 101
employer and to the Division of Retirement or the state board of 102
the date he or she will exceed the limitation. The division 103
shall suspend his or her re tirement benefits for the remainder 104
of the 12 months of retirement. Any retiree employed in 105
violation of this sub -subparagraph and any employer who employs 106
or appoints such person without notifying the division to 107
suspend retirement benefits are jointly an d severally liable for 108
any benefits paid during the reemployment limitation period. The 109
employer must have a written statement from the retiree that he 110
or she is not retired from a state -administered retirement 111
system. Any retirement benefits received by t he retiree while 112
reemployed in excess of 780 hours during the first 12 months of 113
retirement must be repaid to the Florida Retirement System Trust 114
Fund, and retirement benefits shall remain suspended until 115
repayment is made. Benefits suspended beyond the en d of the 116
retiree's first 12 months of retirement shall apply toward 117
repayment of benefits received in violation of the 780 -hour 118
reemployment limitation. 119
c. The State University System may reemploy a retiree as 120
an adjunct faculty member or as a participan t in a phased 121
retirement program within the State University System after the 122
retiree has been retired for 1 calendar month. A member who is 123
reemployed within 1 calendar month after retirement shall void 124
his or her application for retirement benefits. The State 125
CS/HB 151, Engrossed 1 2024
CODING: Words stricken are deletions; words underlined are additions.
hb0151-02-e1
Page 6 of 20
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
University System is subject to the retired contribution 126
required in subparagraph 2., as appropriate. A retiree may be 127
reemployed as an adjunct faculty member or a participant in a 128
phased retirement program for no more than 780 hours during the 129
first 12 months of his or her retirement. A retiree reemployed 130
for more than 780 hours during the first 12 months of retirement 131
must give timely notice in writing to the employer and to the 132
Division of Retirement or the state board of the date he or she 133
will exceed the limitation. The division shall suspend his or 134
her retirement benefits for the remainder of the 12 months. Any 135
retiree employed in violation of this sub -subparagraph and any 136
employer who employs or appoints such person without notifying 137
the division to suspend retirement benefits are jointly and 138
severally liable for any benefits paid during the reemployment 139
limitation period. The employer must have a written statement 140
from the retiree that he or she is not retired from a state -141
administered retiremen t system. Any retirement benefits received 142
by the retiree while reemployed in excess of 780 hours during 143
the first 12 months of retirement must be repaid to the Florida 144
Retirement System Trust Fund, and retirement benefits shall 145
remain suspended until repa yment is made. Benefits suspended 146
beyond the end of the retiree's first 12 months of retirement 147
shall apply toward repayment of benefits received in violation 148
of the 780-hour reemployment limitation. 149
d. The Board of Trustees of the Florida School for the 150
CS/HB 151, Engrossed 1 2024
CODING: Words stricken are deletions; words underlined are additions.
hb0151-02-e1
Page 7 of 20
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
Deaf and the Blind may reemploy a retiree as a substitute 151
teacher, substitute residential instructor, or substitute nurse 152
on a noncontractual basis after he or she has been retired for 1 153
calendar month. Any member who is reemployed within 1 calendar 154
month after retirement shall void his or her application for 155
retirement benefits. The Board of Trustees of the Florida School 156
for the Deaf and the Blind reemploying such teachers, 157
residential instructors, or nurses is subject to the retirement 158
contribution required by subparagraph 2. 159
e. A developmental research school may reemploy a retiree 160
as a substitute or hourly teacher or an education 161
paraprofessional as defined in s. 1012.01(2) on a noncontractual 162
basis after he or she has been retired for 1 calendar mon th. A 163
developmental research school may reemploy a retiree as 164
instructional personnel, as defined in s. 1012.01(2)(a), on an 165
annual contractual basis after he or she has been retired for 1 166
calendar month after retirement. Any member who is reemployed 167
within 1 calendar month voids his or her application for 168
retirement benefits. A developmental research school that 169
reemploys retired teachers and education paraprofessionals is 170
subject to the retirement contribution required by subparagraph 171
2. 172
f. A charter school may reemploy a retiree as a substitute 173
or hourly teacher on a noncontractual basis after he or she has 174
been retired for 1 calendar month. A charter school may reemploy 175
CS/HB 151, Engrossed 1 2024
CODING: Words stricken are deletions; words underlined are additions.
hb0151-02-e1
Page 8 of 20
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
a retired member as instructional personnel, as defined in s. 176
1012.01(2)(a), on an annual contractual basis after he or she 177
has been retired for 1 calendar month after retirement. Any 178
member who is reemployed within 1 calendar month voids his or 179
her application for retirement benefits. A charter school that 180
reemploys such teachers is sub ject to the retirement 181
contribution required by subparagraph 2. 182
2. The employment of a retiree or DROP participant of a 183
state-administered retirement system does not affect the average 184
final compensation or years of creditable service of the retiree 185
or DROP participant. Before July 1, 1991, upon employment of any 186
person, other than an elected officer as provided in s. 121.053, 187
who is retired under a state -administered retirement program, 188
the employer shall pay retirement contributions in an amount 189
equal to the unfunded actuarial liability portion of the 190
employer contribution which would be required for regular 191
members of the Florida Retirement System. Effective July 1, 192
1991, contributions shall be made as provided in s. 121.122 for 193
retirees who have renewe d membership or, as provided in 194
subsection (13), for DROP participants. 195
3. Any person who is holding an elective public office 196
which is covered by the Florida Retirement System and who is 197
concurrently employed in nonelected covered employment may elect 198
to retire while continuing employment in the elective public 199
office if he or she terminates his or her nonelected covered 200
CS/HB 151, Engrossed 1 2024
CODING: Words stricken are deletions; words underlined are additions.
hb0151-02-e1
Page 9 of 20
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
employment. Such person shall receive his or her retirement 201
benefits in addition to the compensation of the elective office 202
without regard to the time limitations otherwise provided in 203
this subsection. A person who seeks to exercise the provisions 204
of this subparagraph as they existed before May 3, 1984, may not 205
be deemed to be retired under those provisions, unless such 206
person is eligible to retire under this subparagraph, as amended 207
by chapter 84-11, Laws of Florida. 208
(c) Any person whose retirement is effective on or after 209
July 1, 2010, or whose participation in the Deferred Retirement 210
Option Program terminates on or after July 1, 2010 , who is 211
retired under this chapter, except under the disability 212
retirement provisions of subsection (4) or as provided in s. 213
121.053, may be reemployed by an employer that participates in a 214
state-administered retirement system and receive retirement 215
benefits and compensation from that employer. However, a person 216
may not be reemployed by an employer participating in the 217
Florida Retirement System before meeting the definition of 218
termination in s. 121.021 and may not receive both a salary from 219
the employer and retirement benefits for 6 calendar months after 220
meeting the definition of termination, except as provided in 221
paragraph (d) (f). However, a DROP participant shall continue 222
employment and receive a salary during the period of 223
participation in the Deferred Retirement Option Program, as 224
provided in subsection (13). 225
CS/HB 151, Engrossed 1 2024
CODING: Words stricken are deletions; words underlined are additions.
hb0151-02-e1
Page 10 of 20
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
1. The reemployed retiree may not renew membership in the 226
Florida Retirement System, except as provided in s. 121.122. 227
2. The employer shall pay retirement contributions in an 228
amount equal to the unfunded actuarial liability portion of the 229
employer contribution that would be required for active members 230
of the Florida Retirement System in addition to the 231
contributions required by s. 121.76. 232
3. A retiree initially reemployed in violation of this 233
paragraph and an employer that employs or appoints such person 234
are jointly and severally liable for reimbursement of any 235
retirement benefits paid to the retirement trust fund from which 236
the benefits were paid, including the Florida Retirement System 237
Trust Fund and the Florida Retirement System Investment Plan 238
Trust Fund, as appropriate. The employer must have a written 239
statement from the employee that he or she is not retired from a 240
state-administered retirement system. Retirement benefits shall 241
remain suspended until repayment is made. Benefits suspended 242
beyond the end of the retiree's 6 -month reemployment limitation 243
period shall apply toward the repayment of benefits received in 244
violation of this paragraph. 245
(d) Beginning July 1, 2024, a retiree who has met the 246
definition of termination in s. 121.021 may be reemployed by an 247
employer that participates in a state -administered retirement 248
system and receive retirement benefits and compensation from 249
that employer but may not receive both a salary from the 250
CS/HB 151, Engrossed 1 2024
CODING: Words stricken are deletions; words underlined are additions.
hb0151-02-e1
Page 11 of 20
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
employer and retirement benefits for 6 calendar months 251
immediately subsequent to the date of retirement. 252
(e)(d) This subsection applies to retirees, as defined in 253
s. 121.4501(2), of the Florida Retirement System Investment 254
Plan, subject to the following cond itions: 255
1. A retiree may not be reemployed with an employer 256
participating in the Florida Retirement System until such person 257
has been retired for 6 calendar months. 258
2. A retiree employed in violation of this subsection and 259
an employer that employs or a ppoints such person are jointly and 260
severally liable for reimbursement of any benefits paid to the 261
retirement trust fund from which the benefits were paid. The 262
employer must have a written statement from the retiree that he 263
or she is not retired from a sta te-administered retirement 264
system. 265
(f)(e) The limitations of this subsection apply to 266
reemployment in any capacity irrespective of the category of 267
funds from which the person is compensated. 268
(f) A retired law enforcement officer may be reemployed as 269
a school resource officer by an employer that participates in 270
the Florida Retirement System and receive compensation from that 271
employer and retirement benefits after meeting the definition of 272
termination in s. 121.021, but may not receive both a salary 273
from the employer and retirement benefits for 6 calendar months 274
immediately subsequent to the date of retirement. The reemployed 275
CS/HB 151, Engrossed 1 2024
CODING: Words stricken are deletions; words underlined are additions.
hb0151-02-e1
Page 12 of 20
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
retired law enforcement officer may not renew membership in the 276
Florida Retirement System, except as provided in s. 121.122. 277
Section 2. Subsection (5) is added to section 121.1001, 278
Florida Statutes, to read: 279
121.1001 Florida Retirement System Preservation of 280
Benefits Plan.—Effective July 1, 1999, the Florida Retirement 281
System Preservation of Benefits Plan is established as a 282
qualified governmental excess benefit arrangement pursuant to s. 283
415(m) of the Internal Revenue Code. The Preservation of 284
Benefits Plan is created as a separate portion of the Florida 285
Retirement System, for the purpose of providing benefits to a 286
payee (retiree or beneficiary) of the Florida Retirement System 287
whose benefits would otherwise be limited by s. 415(b) of the 288
Internal Revenue Code. 289
(5) CLOSURE TO NEW MEMBERS. —Effective July 1, 2026, the 290
Florida Retirement System Preservation of Benefits Plan is 291
closed to new members. 292
Section 3. Subsections (4) and (5) of section 121.71, 293
Florida Statutes, are amended to read: 294
121.71 Uniform rates; process; calculations; levy. — 295
(4) Required employer retirement contribution rates for 296
each membership class and su bclass of the Florida Retirement 297
System for both retirement plans are as follows: 298
299
Membership Class Percentage of
CS/HB 151, Engrossed 1 2024
CODING: Words stricken are deletions; words underlined are additions.
hb0151-02-e1
Page 13 of 20
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
Gross
Compensation,
Effective
July 1, 2024 2023
300
301
Regular Class 6.73%
302
Special Risk Class 18.66%
303
Special Risk
Administrative
Support Class 11.54%
304
Elected Officers' Class —
Legislators, Governor,
Lt. Governor,
Cabinet Officers,
State Attorneys,
Public Defenders 10.70% 10.45%
305
Elected Officers' Class —
Justices, Judges 14.90%
306
CS/HB 151, Engrossed 1 2024
CODING: Words stricken are deletions; words underlined are additions.
hb0151-02-e1
Page 14 of 20
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
Elected Officers' Class —
County Elected Officers 12.39%
307
Senior Management Service Class 8.56%
308
DROP 8.49%
309
(5) In order to address unfunded actuarial liabilities of 310
the system, the required employer retirement contribution rat es 311
for each membership class and subclass of the Florida Retirement 312
System for both retirement plans are as follows: 313
314
Membership Class
Percentage of
Gross
Compensation,
Effective
July 1, 2024 2023
315
316
Regular Class 4.84% 4.78%
317
Special Risk Class 12.07% 11.95%
318
Special Risk 26.22%
CS/HB 151, Engrossed 1 2024
CODING: Words stricken are deletions; words underlined are additions.
hb0151-02-e1
Page 15 of 20
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
Administrative
Support Class
319
Elected Officers' Class —
Legislators, Governor,
Lt. Governor,
Cabinet Officers,
State Attorneys,
Public Defenders 50.21%
320
Elected Officers' Class —
Justices, Judges 28.49% 27.93%
321
Elected Officers' Class —
County Elected Officers 44.23%
322
Senior Management Service Class 23.90%
323
DROP 10.64%
324
325
Section 4. Paragraph (a) of subsection (1) of section 326
121.591, Florida Statutes, is amended to read: 327
121.591 Payment of benefits. —Benefits may not be paid 328
under the Florida Retirement System Investment Plan unless the 329
CS/HB 151, Engrossed 1 2024
CODING: Words stricken are deletions; words underlined are additions.
hb0151-02-e1
Page 16 of 20
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
member has terminated employment as provided in s. 330
121.021(39)(a) or is deceased and a proper application has been 331
filed as prescribed by the state board or the department. 332
Benefits, including employee contributions, are not payable 333
under the investment plan for employee hardships, unforeseeable 334
emergencies, loans, medical expenses, educational expenses, 335
purchase of a principal reside nce, payments necessary to prevent 336
eviction or foreclosure on an employee's principal residence, or 337
any other reason except a requested distribution for retirement, 338
a mandatory de minimis distribution authorized by the 339
administrator, or a required minimum distribution provided 340
pursuant to the Internal Revenue Code. The state board or 341
department, as appropriate, may cancel an application for 342
retirement benefits if the member or beneficiary fails to timely 343
provide the information and documents required by thi s chapter 344
and the rules of the state board and department. In accordance 345
with their respective responsibilities, the state board and the 346
department shall adopt rules establishing procedures for 347
application for retirement benefits and for the cancellation o f 348
such application if the required information or documents are 349
not received. The state board and the department, as 350
appropriate, are authorized to cash out a de minimis account of 351
a member who has been terminated from Florida Retirement System 352
covered employment for a minimum of 6 calendar months. A de 353
minimis account is an account containing employer and employee 354
CS/HB 151, Engrossed 1 2024
CODING: Words stricken are deletions; words underlined are additions.
hb0151-02-e1
Page 17 of 20
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
contributions and accumulated earnings of not more than $5,000 355
made under the provisions of this chapter. Such cash -out must be 356
a complete lump-sum liquidation of the account balance, subject 357
to the provisions of the Internal Revenue Code, or a lump -sum 358
direct rollover distribution paid directly to the custodian of 359
an eligible retirement plan, as defined by the Internal Revenue 360
Code, on behalf of the member. Any nonvested accumulations and 361
associated service credit, including amounts transferred to the 362
suspense account of the Florida Retirement System Investment 363
Plan Trust Fund authorized under s. 121.4501(6), shall be 364
forfeited upon payment of any vested benefit to a member or 365
beneficiary, except for de minimis distributions or minimum 366
required distributions as provided under this section. If any 367
financial instrument issued for the payment of retirement 368
benefits under this section is not presented for payment within 369
180 days after the last day of the month in which it was 370
originally issued, the third -party administrator or other duly 371
authorized agent of the state board shall cancel the instrument 372
and credit the amount of the instrument to the suspen se account 373
of the Florida Retirement System Investment Plan Trust Fund 374
authorized under s. 121.4501(6). Any amounts transferred to the 375
suspense account are payable upon a proper application, not to 376
include earnings thereon, as provided in this section, wit hin 10 377
years after the last day of the month in which the instrument 378
was originally issued, after which time such amounts and any 379
CS/HB 151, Engrossed 1 2024
CODING: Words stricken are deletions; words underlined are additions.
hb0151-02-e1
Page 18 of 20
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
earnings attributable to employer contributions shall be 380
forfeited. Any forfeited amounts are assets of the trust fund 381
and are not subject to chapter 717. 382
(1) NORMAL BENEFITS. —Under the investment plan: 383
(a) Benefits in the form of vested accumulations as 384
described in s. 121.4501(6) are payable under this subsection in 385
accordance with the following terms and conditions: 386
1. Benefits are payable only to a member, an alternate 387
payee of a qualified domestic relations order, or a beneficiary. 388
2. Benefits shall be paid by the third -party administrator 389
or designated approved providers in accordance with the law, the 390
contracts, and any applicable board rule or policy. 391
3. The member must be terminated from all employment with 392
all Florida Retirement System employers, as provided in s. 393
121.021(39). 394
4. Benefit payments may not be made until the member has 395
been terminated for 3 calen dar months, except that the state 396
board may authorize by rule for the distribution of up to 10 397
percent of the member's account after being terminated for 1 398
calendar month if the member has reached the normal retirement 399
date as defined in s. 121.021. 400
5. If a member or former member of the Florida Retirement 401
System receives an invalid distribution, such person must either 402
repay the full amount within 90 days after receipt of final 403
notification by the state board or the third -party administrator 404
CS/HB 151, Engrossed 1 2024
CODING: Words stricken are deletions; words underlined are additions.
hb0151-02-e1
Page 19 of 20
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
that the distribution was invalid, or, in lieu of repayment, the 405
member must terminate employment from all participating 406
employers. If such person fails to repay the full invalid 407
distribution within 90 days after receipt of final notification, 408
the person may be deemed retired from the investment plan by the 409
state board and is subject to s. 121.122. If such person is 410
deemed retired, any joint and several liability set out in s. 411
121.091(9)(e)2. s. 121.091(9)(d)2. is void, and the state board, 412
the department, or the emplo ying agency is not liable for gains 413
on payroll contributions that have not been deposited to the 414
person's account in the investment plan, pending resolution of 415
the invalid distribution. The member or former member who has 416
been deemed retired or who has bee n determined by the state 417
board to have taken an invalid distribution may appeal the 418
agency decision through the complaint process as provided under 419
s. 121.4501(9)(g)3. As used in this subparagraph, the term 420
"invalid distribution" means any distribution fr om an account in 421
the investment plan which is taken in violation of this section, 422
s. 121.091(9), or s. 121.4501. 423
Section 5. The Legislature finds that a proper and 424
legitimate state purpose is served when employees and retirees 425
of the state and its poli tical subdivisions, and the dependents, 426
survivors, and beneficiaries of such employees and retirees, are 427
extended the basic protections afforded by governmental 428
retirement systems that provide fair and adequate benefits and 429
CS/HB 151, Engrossed 1 2024
CODING: Words stricken are deletions; words underlined are additions.
hb0151-02-e1
Page 20 of 20
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
that are managed, administered, and funded in an actuarially 430
sound manner as required by s. 14, Art. X of the State 431
Constitution and part VII of chapter 112, Florida Statutes. 432
Therefore, the Legislature determines and declares that this act 433
fulfills an important state interest. 434
Section 6. This act shall take effect July 1, 2024. 435