FL
Florida House Bill H0151

Florida 2024 Regular Session

Florida House Bill H0151 Compare Versions

OldNewDifferences
11
2-ENROLLED
3-CS/HB 151, Engrossed 1 2024 Legislature
2+
3+CS/HB 151 2024
44
55
66
77 CODING: Words stricken are deletions; words underlined are additions.
8-hb0151-03-er
9-Page 1 of 20
8+hb0151-01-c1
9+Page 1 of 21
1010 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
1111
1212
1313
14- 1
14+A bill to be entitled 1
1515 An act relating to the Florida Retirement System; 2
16-amending s. 121.091, F.S.; authorizing certain 3
17-retirees to be reemployed after terminating 4
18-employment; prohibiting such retirees from receiving 5
19-both a salary from the employer and retirement 6
20-benefits for a specified period after his or her 7
21-retirement; removing provisions authorizing the 8
22-reemployment of certain law enforcement officers as 9
23-school resource officers; amending s. 121.1001, F.S.; 10
16+amending s. 121.053, F.S.; authorizing certain elected 3
17+officers to receive a specified payment while 4
18+remaining in office; amending s. 121.091, F.S.; 5
19+authorizing certain retirees to be reemployed after 6
20+terminating employment; providing conditions for such 7
21+reemployment; requiring reimbursement of certain 8
22+payments in specified circumstances; revising an 9
23+obsolete provision; amending s. 121.1001, F.S.; 10
2424 prohibiting new participation in a specified plan 11
25-beginning on a specified date; amending s. 121.71, 12
26-F.S.; revising employer contribution rates to the 13
27-Florida Retirement System; amending s. 121.591, F.S.; 14
28-conforming a cross-reference; providing a declaration 15
29-of important state interest; providing an effective 16
30-date. 17
31- 18
32-Be It Enacted by the Legislature of the State of Florida: 19
33- 20
34- Section 1. Subsection (9) of section 121.091, Florida 21
35-Statutes, is amended to re ad: 22
36- 121.091 Benefits payable under the system. —Benefits may 23
37-not be paid under this section unless the member has terminated 24
38-employment as provided in s. 121.021(39)(a) or begun 25
39-ENROLLED
40-CS/HB 151, Engrossed 1 2024 Legislature
25+beginning on a specified date; amending s. 121.101, 12
26+F.S.; revising the calculation for the cost -of-living 13
27+factor for certain members; requiring the Department 14
28+of Management Services to annually adjust a specified 15
29+value beginning on a specified date; providing 16
30+applicability; requiring the Division of Retirement to 17
31+annually submit a specified analysis beginning on a 18
32+specified date; revising a provision requiring the 19
33+expiration of a specified formula; amending s. 121.71, 20
34+F.S.; increasing employee contributions to the Flo rida 21
35+Retirement System; amending s. 121.72, F.S.; 22
36+increasing the allocations to investment plan member 23
37+accounts; amending s. 121.591, F.S.; conforming a 24
38+cross-reference; providing a declaration of important 25
39+
40+CS/HB 151 2024
4141
4242
4343
4444 CODING: Words stricken are deletions; words underlined are additions.
45-hb0151-03-er
46-Page 2 of 20
45+hb0151-01-c1
46+Page 2 of 21
4747 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
4848
4949
5050
51-participation in the Deferred Retirement Option Program as 26
52-provided in subsection (13), and a proper application has been 27
53-filed in the manner prescribed by the department. The department 28
54-may cancel an application for retirement benefits when the 29
55-member or beneficiary fails to timely provide the information 30
56-and documents required by this chapter and the department's 31
57-rules. The department shall adopt rules establishing procedures 32
58-for application for retirement benefits and for the cancellation 33
59-of such application when the required information or documents 34
60-are not received. 35
61- (9) EMPLOYMENT AFTER RETIREMENT; LIMITATION. — 36
62- (a) Any person who is retired under this chapter, except 37
63-under the disability retirement provisions of subsection (4), 38
64-may be employed by an employer that does not participate in a 39
65-state-administered retirement system and receive compensation 40
66-from that employment without limiting or restricting in any way 41
67-the retirement benefits payable to that person. 42
68- (b) Any person whose retirement is effective before July 43
69-1, 2010, or whose participation in the Deferred Retirement 44
70-Option Program terminates before July 1, 2010, except under the 45
71-disability retirement provisions of subsection (4) or as 46
72-provided in s. 121.053, may be reemployed by an employer that 47
73-participates in a state -administered retirement system and 48
74-receive retirement benefits and compensation from that employer, 49
75-except that the person may not be reemployed by an employer 50
76-ENROLLED
77-CS/HB 151, Engrossed 1 2024 Legislature
51+state interest; providing an effective date. 26
52+ 27
53+Be It Enacted by the Legislature of the State of Florida: 28
54+ 29
55+ Section 1. Paragraph (c) of subsection (7) of section 30
56+121.053, Florida Statutes, is amended, paragraph (d) is added to 31
57+that subsection, and paragraph (b) of that subsection is 32
58+republished to read: 33
59+ 121.053 Participation in the Elected Officers' Class for 34
60+retired members.— 35
61+ (7) A member who is elected or appointed to an elective 36
62+office and who is participating in the Deferred Retirement 37
63+Option Program is not subject to termination as defined i n s. 38
64+121.021, or reemployment limitations as provided in s. 39
65+121.091(9), until the end of his or her current term of office 40
66+or, if the officer is consecutively elected or reelected to an 41
67+elective office eligible for coverage under the Florida 42
68+Retirement System, until he or she no longer holds an elective 43
69+office, as follows: 44
70+ (b) An elected officer may voluntarily terminate his or 45
71+her elective office at any time and receive his or her DROP 46
72+proceeds. However, until termination occurs, an elected officer 47
73+whose termination limitations are extended by this section is 48
74+ineligible for renewed membership in the system and may not 49
75+receive pension payments, DROP lump sum payments, or any other 50
76+
77+CS/HB 151 2024
7878
7979
8080
8181 CODING: Words stricken are deletions; words underlined are additions.
82-hb0151-03-er
83-Page 3 of 20
82+hb0151-01-c1
83+Page 3 of 21
8484 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
8585
8686
8787
88-participating in the Florida Retirement System before meeting 51
89-the definition of termination in s. 121.021 and may not receive 52
90-both a salary from the employer and retirement benefits for 12 53
91-calendar months immediately subsequent to the date of 54
92-retirement. However, a DROP participant shall continue 55
93-employment and receive a salary during the period of 56
94-participation in the Deferred Retirement Option Pr ogram, as 57
95-provided in subsection (13). 58
96- 1. A retiree who violates such reemployment limitation 59
97-before completion of the 12 -month limitation period must give 60
98-timely notice of this fact in writing to the employer and to the 61
99-Division of Retirement or the sta te board and shall have his or 62
100-her retirement benefits suspended for the months employed or the 63
101-balance of the 12-month limitation period as required in sub -64
102-subparagraphs b. and c. A retiree employed in violation of this 65
103-paragraph and an employer who emplo ys or appoints such person 66
104-are jointly and severally liable for reimbursement to the 67
105-retirement trust fund, including the Florida Retirement System 68
106-Trust Fund and the Florida Retirement System Investment Plan 69
107-Trust Fund, from which the benefits were paid. The employer must 70
108-have a written statement from the retiree that he or she is not 71
109-retired from a state -administered retirement system. Retirement 72
110-benefits shall remain suspended until repayment has been made. 73
111-Benefits suspended beyond the reemployment limi tation shall 74
112-apply toward repayment of benefits received in violation of the 75
113-ENROLLED
114-CS/HB 151, Engrossed 1 2024 Legislature
88+state payment other than the statutorily determined salary, 51
89+travel, and per diem for the elective office. 52
90+ (c) Except as provided in paragraph (d), upon termination, 53
91+the officer shall receive his or her accumulated DROP account, 54
92+plus interest, and shall accrue and commence receiving monthly 55
93+retirement benefits, which must be paid on a prospective basis 56
94+only. 57
95+ (d) Notwithstanding paragraph (b), an elected officer who 58
96+qualifies under this subsection as of June 30, 2023, and who has 59
97+completed his or her DROP participation period as of June 30, 60
98+2023, may remain in elective office and receive his or her 61
99+accumulated DROP proceeds, including interest. 62
100+ Section 2. Paragraphs (d) and (e) of subsection (9) of 63
101+section 121.091, Florida Statutes, are redesignated as 64
102+paragraphs (e) and (f), respectively, paragraph (c) and present 65
103+paragraph (f) are amended, and a new paragraph (d) is added to 66
104+that subsection, to read: 67
105+ 121.091 Benefits payable under the system. —Benefits may 68
106+not be paid under this section unless the member has terminated 69
107+employment as provided in s. 121.021(39)(a) or begun 70
108+participation in the Deferred Retirement Option Program as 71
109+provided in subsection (13), and a proper application has been 72
110+filed in the manner prescribed by the department. The department 73
111+may cancel an application for retirement benefits when the 74
112+member or beneficiary fails to timely provide the information 75
113+
114+CS/HB 151 2024
115115
116116
117117
118118 CODING: Words stricken are deletions; words underlined are additions.
119-hb0151-03-er
120-Page 4 of 20
119+hb0151-01-c1
120+Page 4 of 21
121121 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
122122
123123
124124
125-reemployment limitation. 76
126- a. A district school board may reemploy a retiree as a 77
127-substitute or hourly teacher, education paraprofessional, 78
128-transportation assistant, bus driver, o r food service worker on 79
129-a noncontractual basis after he or she has been retired for 1 80
130-calendar month. A district school board may reemploy a retiree 81
131-as instructional personnel, as defined in s. 1012.01(2)(a), on 82
132-an annual contractual basis after he or she has been retired for 83
133-1 calendar month. Any member who is reemployed within 1 calendar 84
134-month after retirement shall void his or her application for 85
135-retirement benefits. District school boards reemploying such 86
136-teachers, education paraprofessionals, transpor tation 87
137-assistants, bus drivers, or food service workers are subject to 88
138-the retirement contribution required by subparagraph 2. 89
139- b. A Florida College System institution board of trustees 90
140-may reemploy a retiree as an adjunct instructor or as a 91
141-participant in a phased retirement program within the Florida 92
142-College System, after he or she has been retired for 1 calendar 93
143-month. A member who is reemployed within 1 calendar month after 94
144-retirement shall void his or her application for retirement 95
145-benefits. Boards of trustees reemploying such instructors are 96
146-subject to the retirement contribution required in subparagraph 97
147-2. A retiree may be reemployed as an adjunct instructor for no 98
148-more than 780 hours during the first 12 months of retirement. A 99
149-retiree reemployed for more than 780 hours during the first 12 100
150-ENROLLED
151-CS/HB 151, Engrossed 1 2024 Legislature
125+and documents required by this chapter and the department's 76
126+rules. The department shall adopt rules establishing procedures 77
127+for application for retirement benefits and for the cancellation 78
128+of such application when the required information or documents 79
129+are not received. 80
130+ (9) EMPLOYMENT AFTER RETIREMENT; LIMITATION. — 81
131+ (c) Any person whose retirement is effective on or after 82
132+July 1, 2010, or whose participation in the Deferred Retirement 83
133+Option Program termina tes on or after July 1, 2010, who is 84
134+retired under this chapter, except under the disability 85
135+retirement provisions of subsection (4) or as provided in s. 86
136+121.053, may be reemployed by an employer that participates in a 87
137+state-administered retirement system and receive retirement 88
138+benefits and compensation from that employer. However, a person 89
139+may not be reemployed by an employer participating in the 90
140+Florida Retirement System before meeting the definition of 91
141+termination in s. 121.021 and may not receive both a salary from 92
142+the employer and retirement benefits for 6 calendar months after 93
143+meeting the definition of termination, except as provided in 94
144+paragraph (d) (f). However, a DROP participant shall continue 95
145+employment and receive a salary during the period of 96
146+participation in the Deferred Retirement Option Program, as 97
147+provided in subsection (13). 98
148+ 1. The reemployed retiree may not renew membership in the 99
149+Florida Retirement System, except as provided in s. 121.122. 100
150+
151+CS/HB 151 2024
152152
153153
154154
155155 CODING: Words stricken are deletions; words underlined are additions.
156-hb0151-03-er
157-Page 5 of 20
156+hb0151-01-c1
157+Page 5 of 21
158158 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
159159
160160
161161
162-months of retirement must give timely notice in writing to the 101
163-employer and to the Division of Retirement or the state board of 102
164-the date he or she will exceed the limitation. The division 103
165-shall suspend his or her re tirement benefits for the remainder 104
166-of the 12 months of retirement. Any retiree employed in 105
167-violation of this sub -subparagraph and any employer who employs 106
168-or appoints such person without notifying the division to 107
169-suspend retirement benefits are jointly an d severally liable for 108
170-any benefits paid during the reemployment limitation period. The 109
171-employer must have a written statement from the retiree that he 110
172-or she is not retired from a state -administered retirement 111
173-system. Any retirement benefits received by t he retiree while 112
174-reemployed in excess of 780 hours during the first 12 months of 113
175-retirement must be repaid to the Florida Retirement System Trust 114
176-Fund, and retirement benefits shall remain suspended until 115
177-repayment is made. Benefits suspended beyond the en d of the 116
178-retiree's first 12 months of retirement shall apply toward 117
179-repayment of benefits received in violation of the 780 -hour 118
180-reemployment limitation. 119
181- c. The State University System may reemploy a retiree as 120
182-an adjunct faculty member or as a participan t in a phased 121
183-retirement program within the State University System after the 122
184-retiree has been retired for 1 calendar month. A member who is 123
185-reemployed within 1 calendar month after retirement shall void 124
186-his or her application for retirement benefits. The State 125
187-ENROLLED
188-CS/HB 151, Engrossed 1 2024 Legislature
162+ 2. The employer shall pay retirement contribut ions in an 101
163+amount equal to the unfunded actuarial liability portion of the 102
164+employer contribution that would be required for active members 103
165+of the Florida Retirement System in addition to the 104
166+contributions required by s. 121.76. 105
167+ 3. A retiree initially reemployed in violation of this 106
168+paragraph and an employer that employs or appoints such person 107
169+are jointly and severally liable for reimbursement of any 108
170+retirement benefits paid to the retirement trust fund from which 109
171+the benefits were paid, including the Florida Retirement System 110
172+Trust Fund and the Florida Retirement System Investment Plan 111
173+Trust Fund, as appropriate. The employer must have a written 112
174+statement from the employee that he or she is not retired from a 113
175+state-administered retirement system. Retir ement benefits shall 114
176+remain suspended until repayment is made. Benefits suspended 115
177+beyond the end of the retiree's 6 -month reemployment limitation 116
178+period shall apply toward the repayment of benefits received in 117
179+violation of this paragraph. 118
180+ (d) Any person whose retirement is effective on or after 119
181+July 1, 2024, or whose participation in the Deferred Retirement 120
182+Option Program terminates on or after July 1, 2024, who is 121
183+retired under this chapter, except under the disability 122
184+provisions of subsection (4) or as provided in s. 121.053, may 123
185+be reemployed by an employer that participates in a state -124
186+administered retirement system and receive retirement benefits 125
187+
188+CS/HB 151 2024
189189
190190
191191
192192 CODING: Words stricken are deletions; words underlined are additions.
193-hb0151-03-er
194-Page 6 of 20
193+hb0151-01-c1
194+Page 6 of 21
195195 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
196196
197197
198198
199-University System is subject to the retired contribution 126
200-required in subparagraph 2., as appropriate. A retiree may be 127
201-reemployed as an adjunct faculty member or a participant in a 128
202-phased retirement program for no more than 780 hours during the 129
203-first 12 months of his or her retirement. A retiree reemployed 130
204-for more than 780 hours during the first 12 months of retirement 131
205-must give timely notice in writing to the employer and to the 132
206-Division of Retirement or the state board of the date he or she 133
207-will exceed the limitation. The division shall suspend his or 134
208-her retirement benefits for the remainder of the 12 months. Any 135
209-retiree employed in violation of this sub -subparagraph and any 136
210-employer who employs or appoints such person without notifying 137
211-the division to suspend retirement benefits are jointly and 138
212-severally liable for any benefits paid during the reemployment 139
213-limitation period. The employer must have a written statement 140
214-from the retiree that he or she is not retired from a state -141
215-administered retiremen t system. Any retirement benefits received 142
216-by the retiree while reemployed in excess of 780 hours during 143
217-the first 12 months of retirement must be repaid to the Florida 144
218-Retirement System Trust Fund, and retirement benefits shall 145
219-remain suspended until repa yment is made. Benefits suspended 146
220-beyond the end of the retiree's first 12 months of retirement 147
221-shall apply toward repayment of benefits received in violation 148
222-of the 780-hour reemployment limitation. 149
223- d. The Board of Trustees of the Florida School for the 150
224-ENROLLED
225-CS/HB 151, Engrossed 1 2024 Legislature
199+and compensation from that employer. However, a person may not 126
200+be reemployed by an employer participating i n the Florida 127
201+Retirement System before meeting the definition of termination 128
202+in s. 121.021. A DROP participant shall continue employment and 129
203+receive a salary during the period of participation in the 130
204+Deferred Retirement Option Program, as provided in subse ction 131
205+(13). 132
206+ 1. The reemployed retiree may not renew membership in the 133
207+Florida Retirement System, except as provided in s. 121.122. 134
208+ 2. The employer shall pay retirement contributions in an 135
209+amount equal to the unfunded actuarial liability portion of the 136
210+employer contribution that would be required for active members 137
211+of the Florida Retirement System in addition to the 138
212+contributions required by s. 121.76. 139
213+ 3. A retiree initially reemployed in violation of this 140
214+paragraph and an employer that employs or appo ints such person 141
215+are jointly and severally liable for reimbursement of any 142
216+retirement benefits paid to the retirement trust fund from which 143
217+the benefits were paid, including the Florida Retirement System 144
218+Trust Fund and the Florida Retirement System Investm ent Plan 145
219+Trust Fund, as appropriate. The employer must have a written 146
220+statement from the employee that he or she is not retired from a 147
221+state-administered retirement system. Retirement benefits shall 148
222+remain suspended until repayment is made. Benefits suspen ded 149
223+beyond the end of the retiree's 6 -month reemployment limitation 150
224+
225+CS/HB 151 2024
226226
227227
228228
229229 CODING: Words stricken are deletions; words underlined are additions.
230-hb0151-03-er
231-Page 7 of 20
230+hb0151-01-c1
231+Page 7 of 21
232232 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
233233
234234
235235
236-Deaf and the Blind may reemploy a retiree as a substitute 151
237-teacher, substitute residential instructor, or substitute nurse 152
238-on a noncontractual basis after he or she has been retired for 1 153
239-calendar month. Any member who is reemployed within 1 calendar 154
240-month after retirement shall void his or her application for 155
241-retirement benefits. The Board of Trustees of the Florida School 156
242-for the Deaf and the Blind reemploying such teachers, 157
243-residential instructors, or nurses is subject to the retirement 158
244-contribution required by subparagraph 2. 159
245- e. A developmental research school may reemploy a retiree 160
246-as a substitute or hourly teacher or an education 161
247-paraprofessional as defined in s. 1012.01(2) on a noncontractual 162
248-basis after he or she has been retired for 1 calendar mon th. A 163
249-developmental research school may reemploy a retiree as 164
250-instructional personnel, as defined in s. 1012.01(2)(a), on an 165
251-annual contractual basis after he or she has been retired for 1 166
252-calendar month after retirement. Any member who is reemployed 167
253-within 1 calendar month voids his or her application for 168
254-retirement benefits. A developmental research school that 169
255-reemploys retired teachers and education paraprofessionals is 170
256-subject to the retirement contribution required by subparagraph 171
257-2. 172
258- f. A charter school may reemploy a retiree as a substitute 173
259-or hourly teacher on a noncontractual basis after he or she has 174
260-been retired for 1 calendar month. A charter school may reemploy 175
261-ENROLLED
262-CS/HB 151, Engrossed 1 2024 Legislature
236+period shall apply toward the repayment of benefits received in 151
237+violation of this paragraph. 152
238+ (f) A retired law enforcement officer may be reemployed as 153
239+a school resource officer by an em ployer that participates in 154
240+the Florida Retirement System and receive compensation from that 155
241+employer and retirement benefits after meeting the definition of 156
242+termination in s. 121.021, but may not receive both a salary 157
243+from the employer and retirement bene fits for 6 calendar months 158
244+immediately subsequent to the date of retirement. The reemployed 159
245+retired law enforcement officer may not renew membership in the 160
246+Florida Retirement System, except as provided in s. 121.122. 161
247+ Section 3. Subsection (5) is added to section 121.1001, 162
248+Florida Statutes, to read: 163
249+ 121.1001 Florida Retirement System Preservation of 164
250+Benefits Plan.—Effective July 1, 1999, the Florida Retirement 165
251+System Preservation of Benefits Plan is established as a 166
252+qualified governmental excess benefi t arrangement pursuant to s. 167
253+415(m) of the Internal Revenue Code. The Preservation of 168
254+Benefits Plan is created as a separate portion of the Florida 169
255+Retirement System, for the purpose of providing benefits to a 170
256+payee (retiree or beneficiary) of the Florida Retirement System 171
257+whose benefits would otherwise be limited by s. 415(b) of the 172
258+Internal Revenue Code. 173
259+ (5) CLOSURE TO NEW MEMBERS. —Effective July 1, 2026, the 174
260+Florida Retirement System Preservation of Benefits Plan is 175
261+
262+CS/HB 151 2024
263263
264264
265265
266266 CODING: Words stricken are deletions; words underlined are additions.
267-hb0151-03-er
268-Page 8 of 20
267+hb0151-01-c1
268+Page 8 of 21
269269 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
270270
271271
272272
273-a retired member as instructional personnel, as defined in s. 176
274-1012.01(2)(a), on an annual contractual basis after he or she 177
275-has been retired for 1 calendar month after retirement. Any 178
276-member who is reemployed within 1 calendar month voids his or 179
277-her application for retirement benefits. A charter school that 180
278-reemploys such teachers is sub ject to the retirement 181
279-contribution required by subparagraph 2. 182
280- 2. The employment of a retiree or DROP participant of a 183
281-state-administered retirement system does not affect the average 184
282-final compensation or years of creditable service of the retiree 185
283-or DROP participant. Before July 1, 1991, upon employment of any 186
284-person, other than an elected officer as provided in s. 121.053, 187
285-who is retired under a state -administered retirement program, 188
286-the employer shall pay retirement contributions in an amount 189
287-equal to the unfunded actuarial liability portion of the 190
288-employer contribution which would be required for regular 191
289-members of the Florida Retirement System. Effective July 1, 192
290-1991, contributions shall be made as provided in s. 121.122 for 193
291-retirees who have renewe d membership or, as provided in 194
292-subsection (13), for DROP participants. 195
293- 3. Any person who is holding an elective public office 196
294-which is covered by the Florida Retirement System and who is 197
295-concurrently employed in nonelected covered employment may elect 198
296-to retire while continuing employment in the elective public 199
297-office if he or she terminates his or her nonelected covered 200
298-ENROLLED
299-CS/HB 151, Engrossed 1 2024 Legislature
273+closed to new members. 176
274+ Section 4. Paragraph (c) of subsection (4) and subsection 177
275+(5) of section 121.101, Florida Statutes, are amended to read: 178
276+ 121.101 Cost-of-living adjustment of benefits. — 179
277+ (4) For members whose effective retirement date is on or 180
278+after July 1, 2011, the benefit of each retiree and annuitant 181
279+shall be adjusted annually on July 1 as follows: 182
280+ (c) Beginning July 1, 2024, the department shall calculate 183
281+a cost-of-living factor for each retiree and beneficiary 184
282+retiring on or after July 1, 2011. This factor shall : 185
283+ 1. For a member initially enrolled before July 1, 2011, 186
284+equal 3 percent for the first $150,000 of benefit payable 187
285+annually, and for any additional benefit payable shall equal the 188
286+product of 3 percent multiplied by the quotient of the sum of 189
287+the member's service credit earned for service before July 1, 190
288+2011, divided by the sum of the member's total service credit 191
289+earned. The $150,000 amount shall be adjusted annually by the 192
290+department to reflect changes in the Consumer Price Index 193
291+compiled by the United States Dep artment of Labor. Any benefits 194
292+paid in accordance with this subparagraph shall only be made 195
293+prospectively. 196
294+ 2. For a member initially enrolled on or after July 1, 197
295+2011, equal the product of 3 percent multiplied by the quotient 198
296+of the sum of the member's s ervice credit earned for service 199
297+before July 1, 2011, divided by the sum of the member's total 200
298+
299+CS/HB 151 2024
300300
301301
302302
303303 CODING: Words stricken are deletions; words underlined are additions.
304-hb0151-03-er
305-Page 9 of 20
304+hb0151-01-c1
305+Page 9 of 21
306306 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
307307
308308
309309
310-employment. Such person shall receive his or her retirement 201
311-benefits in addition to the compensation of the elective office 202
312-without regard to the time limitations otherwise provided in 203
313-this subsection. A person who seeks to exercise the provisions 204
314-of this subparagraph as they existed before May 3, 1984, may not 205
315-be deemed to be retired under those provisions, unless such 206
316-person is eligible to retire under this subparagraph, as amended 207
317-by chapter 84-11, Laws of Florida. 208
318- (c) Any person whose retirement is effective on or after 209
319-July 1, 2010, or whose participation in the Deferred Retirement 210
320-Option Program terminates on or after July 1, 2010 , who is 211
321-retired under this chapter, except under the disability 212
322-retirement provisions of subsection (4) or as provided in s. 213
323-121.053, may be reemployed by an employer that participates in a 214
324-state-administered retirement system and receive retirement 215
325-benefits and compensation from that employer. However, a person 216
326-may not be reemployed by an employer participating in the 217
327-Florida Retirement System before meeting the definition of 218
328-termination in s. 121.021 and may not receive both a salary from 219
329-the employer and retirement benefits for 6 calendar months after 220
330-meeting the definition of termination, except as provided in 221
331-paragraph (d) (f). However, a DROP participant shall continue 222
332-employment and receive a salary during the period of 223
333-participation in the Deferred Retirement Option Program, as 224
334-provided in subsection (13). 225
335-ENROLLED
336-CS/HB 151, Engrossed 1 2024 Legislature
310+service credit earned. 201
311+ (5) Beginning July 1, 2033, and annually thereafter, the 202
312+division shall submit an actuarial analysis to the Legislature 203
313+on the feasibility and cost of providing a cost -of-living 204
314+adjustment for employees that initially enrolled in the Florida 205
315+Retirement System after July 1, 2011 Subject to the availability 206
316+of funding and the Legislature enacting sufficient employer 207
317+contributions specificall y for the purpose of funding the 208
318+expiration of the cost -of-living adjustment specified in 209
319+subsection (4), in accordance with s. 14, Art. X of the State 210
320+Constitution, the cost -of-living adjustment formula provided for 211
321+in subsection (4) shall expire effectiv e June 30, 2016, and the 212
322+benefit of each retiree and annuitant shall be adjusted on each 213
323+July 1 thereafter, as provided in subsection (3) . 214
324+ Section 5. Subsections (3), (4), and (5) of section 215
325+121.71, Florida Statutes, are amended to read: 216
326+ 121.71 Uniform rates; process; calculations; levy. — 217
327+ (3) Required employee retirement contribution rates for 218
328+each membership class and subclass of the Florida Retirement 219
329+System for both retirement plans are as follows: 220
330+ 221
331+Membership Class
332+Percentage of
333+Gross
334+Compensation,
335+Effective
336+
337+CS/HB 151 2024
337338
338339
339340
340341 CODING: Words stricken are deletions; words underlined are additions.
341-hb0151-03-er
342-Page 10 of 20
342+hb0151-01-c1
343+Page 10 of 21
343344 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
344345
345346
346347
347- 1. The reemployed retiree may not renew membership in the 226
348-Florida Retirement System, except as provided in s. 121.122. 227
349- 2. The employer shall pay retirement contributions in an 228
350-amount equal to the unfunded actuarial liability portion of the 229
351-employer contribution that would be required for active members 230
352-of the Florida Retirement System in addition to the 231
353-contributions required by s. 121.76. 232
354- 3. A retiree initially reemployed in violation of this 233
355-paragraph and an employer that employs or appoints such person 234
356-are jointly and severally liable for reimbursement of any 235
357-retirement benefits paid to the retirement trust fund from which 236
358-the benefits were paid, including the Florida Retirement System 237
359-Trust Fund and the Florida Retirement System Investment Plan 238
360-Trust Fund, as appropriate. The employer must have a written 239
361-statement from the employee that he or she is not retired from a 240
362-state-administered retirement system. Retirement benefits shall 241
363-remain suspended until repayment is made. Benefits suspended 242
364-beyond the end of the retiree's 6 -month reemployment limitation 243
365-period shall apply toward the repayment of benefits received in 244
366-violation of this paragraph. 245
367- (d) Beginning July 1, 2024, a retiree who has met the 246
368-definition of termination in s. 121.021 may be reemployed by an 247
369-employer that participates in a state -administered retirement 248
370-system and receive retirement benefits and compensation from 249
371-that employer but may not receive both a salary from the 250
372-ENROLLED
373-CS/HB 151, Engrossed 1 2024 Legislature
348+July 1, 2024 2011
349+ 222
374350
375-
376-
377-CODING: Words stricken are deletions; words underlined are additions.
378-hb0151-03-er
379-Page 11 of 20
380-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
381-
382-
383-
384-employer and retirement benefits for 6 calendar months 251
385-immediately subsequent to the date of retirement. 252
386- (e)(d) This subsection applies to retirees, as defined in 253
387-s. 121.4501(2), of the Florida Retirement System Investment 254
388-Plan, subject to the following cond itions: 255
389- 1. A retiree may not be reemployed with an employer 256
390-participating in the Florida Retirement System until such person 257
391-has been retired for 6 calendar months. 258
392- 2. A retiree employed in violation of this subsection and 259
393-an employer that employs or a ppoints such person are jointly and 260
394-severally liable for reimbursement of any benefits paid to the 261
395-retirement trust fund from which the benefits were paid. The 262
396-employer must have a written statement from the retiree that he 263
397-or she is not retired from a sta te-administered retirement 264
398-system. 265
399- (f)(e) The limitations of this subsection apply to 266
400-reemployment in any capacity irrespective of the category of 267
401-funds from which the person is compensated. 268
402- (f) A retired law enforcement officer may be reemployed as 269
403-a school resource officer by an employer that participates in 270
404-the Florida Retirement System and receive compensation from that 271
405-employer and retirement benefits after meeting the definition of 272
406-termination in s. 121.021, but may not receive both a salary 273
407-from the employer and retirement benefits for 6 calendar months 274
408-immediately subsequent to the date of retirement. The reemployed 275
409-ENROLLED
410-CS/HB 151, Engrossed 1 2024 Legislature
411-
412-
413-
414-CODING: Words stricken are deletions; words underlined are additions.
415-hb0151-03-er
416-Page 12 of 20
417-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
418-
419-
420-
421-retired law enforcement officer may not renew membership in the 276
422-Florida Retirement System, except as provided in s. 121.122. 277
423- Section 2. Subsection (5) is added to section 121.1001, 278
424-Florida Statutes, to read: 279
425- 121.1001 Florida Retirement System Preservation of 280
426-Benefits Plan.—Effective July 1, 1999, the Florida Retirement 281
427-System Preservation of Benefits Plan is established as a 282
428-qualified governmental excess benefit arrangement pursuant to s. 283
429-415(m) of the Internal Revenue Code. The Preservation of 284
430-Benefits Plan is created as a separate portion of the Florida 285
431-Retirement System, for the purpose of providing benefits to a 286
432-payee (retiree or beneficiary) of the Florida Retirement System 287
433-whose benefits would otherwise be limited by s. 415(b) of the 288
434-Internal Revenue Code. 289
435- (5) CLOSURE TO NEW MEMBERS. —Effective July 1, 2026, the 290
436-Florida Retirement System Preservation of Benefits Plan is 291
437-closed to new members. 292
438- Section 3. Subsections (4) and (5) of section 121.71, 293
439-Florida Statutes, are amended to read: 294
440- 121.71 Uniform rates; process; calculations; levy. — 295
441- (4) Required employer retirement contribution rates for 296
442-each membership class and su bclass of the Florida Retirement 297
443-System for both retirement plans are as follows: 298
444- 299
445-Membership Class Percentage of
446-ENROLLED
447-CS/HB 151, Engrossed 1 2024 Legislature
448-
449-
450-
451-CODING: Words stricken are deletions; words underlined are additions.
452-hb0151-03-er
453-Page 13 of 20
454-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
455-
456-
457-
458-Gross
459-Compensation,
460-Effective
461-July 1, 2024 2023
462- 300
463-
464- 301
465-Regular Class 6.73%
466- 302
467-Special Risk Class 18.66%
468- 303
351+ 223
352+Regular Class 4.00% 3.00%
353+ 224
354+Special Risk Class 5.00% 3.00%
355+ 225
469356 Special Risk
470357 Administrative
471- Support Class 11.54%
472- 304
358+ Support Class 4.00% 3.00%
359+ 226
473360 Elected Officers' Class —
474361 Legislators, Governor,
475362 Lt. Governor,
476363 Cabinet Officers,
477364 State Attorneys,
478- Public Defenders 10.70% 10.45%
479- 305
365+ Public Defenders 6.00% 3.00%
366+ 227
480367 Elected Officers' Class —
481- Justices, Judges 14.90%
482- 306
483-ENROLLED
484-CS/HB 151, Engrossed 1 2024 Legislature
368+ Justices, Judges 6.00% 3.00%
369+ 228
370+Elected Officers' Class —
371+ County Elected Officers 6.00% 3.00%
372+ 229
373+
374+CS/HB 151 2024
485375
486376
487377
488378 CODING: Words stricken are deletions; words underlined are additions.
489-hb0151-03-er
490-Page 14 of 20
379+hb0151-01-c1
380+Page 11 of 21
491381 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
492382
493383
494384
495-Elected Officers' Class —
496- County Elected Officers 12.39%
497- 307
498-Senior Management Service Class 8.56%
499- 308
500-DROP 8.49%
501- 309
502- (5) In order to address unfunded actuarial liabilities of 310
503-the system, the required employer retirement contribution rat es 311
504-for each membership class and subclass of the Florida Retirement 312
505-System for both retirement plans are as follows: 313
506- 314
385+Senior Management Service Class 4.00% 3.00%
386+ 230
387+DROP 0.00%
388+ 231
389+ (4) Required employer retirement contribution rates for 232
390+each membership class and subclass of the Florida Retirement 233
391+System for both retirement plans are as follows: 234
392+ 235
507393 Membership Class
508394 Percentage of
509395 Gross
510396 Compensation,
511397 Effective
512398 July 1, 2024 2023
513- 315
399+ 236
514400
515- 316
516-Regular Class 4.84% 4.78%
517- 317
518-Special Risk Class 12.07% 11.95%
519- 318
520-Special Risk 26.22%
521-ENROLLED
522-CS/HB 151, Engrossed 1 2024 Legislature
401+ 237
402+Regular Class 7.91% 6.73%
403+ 238
404+Special Risk Class 21.02% 18.66%
405+ 239
406+Special Risk
407+ Administrative
408+ Support Class 13.37% 11.54%
409+ 240
410+Elected Officers' Class — 12.28% 10.45%
411+
412+CS/HB 151 2024
523413
524414
525415
526416 CODING: Words stricken are deletions; words underlined are additions.
527-hb0151-03-er
528-Page 15 of 20
417+hb0151-01-c1
418+Page 12 of 21
529419 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
530420
531421
532422
423+ Legislators, Governor,
424+ Lt. Governor,
425+ Cabinet Officers,
426+ State Attorneys,
427+ Public Defenders
428+ 241
429+Elected Officers' Class—
430+ Justices, Judges 17.06% 14.90%
431+ 242
432+Elected Officers' Class —
433+ County Elected Officers 13.89% 12.39%
434+ 243
435+Senior Management Service Class 9.88% 8.56%
436+ 244
437+DROP 10.12% 8.49%
438+ 245
439+ (5) In order to address unfunded actuarial liabilities of 246
440+the system, the required employer retirement contribution rates 247
441+for each membership class and subclass of the Florida Retirement 248
442+System for both retirement plans are as follows: 249
443+ 250
444+Membership Class
445+Percentage of
446+Gross
447+Compensation,
448+Effective
449+
450+CS/HB 151 2024
451+
452+
453+
454+CODING: Words stricken are deletions; words underlined are additions.
455+hb0151-01-c1
456+Page 13 of 21
457+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
458+
459+
460+
461+July 1, 2024 2023
462+ 251
463+
464+ 252
465+Regular Class 7.55% 4.78%
466+ 253
467+Special Risk Class 17.76% 11.95%
468+ 254
469+Special Risk
533470 Administrative
534- Support Class
535- 319
471+ Support Class 32.39% 26.22%
472+ 255
536473 Elected Officers' Class —
537474 Legislators, Governor,
538475 Lt. Governor,
539476 Cabinet Officers,
540477 State Attorneys,
541- Public Defenders 50.21%
542- 320
478+ Public Defenders 53.84% 50.21%
479+ 256
543480 Elected Officers' Class —
544- Justices, Judges 28.49% 27.93%
545- 321
481+ Justices, Judges 33.74% 27.93%
482+ 257
546483 Elected Officers' Class —
547- County Elected Officers 44.23%
548- 322
549-Senior Management Service Class 23.90%
550- 323
551-DROP 10.64%
552- 324
553- 325
554- Section 4. Paragraph (a) of subsection (1) of section 326
555-121.591, Florida Statutes, is amended to read: 327
556- 121.591 Payment of benefits. —Benefits may not be paid 328
557-under the Florida Retirement System Investment Plan unless the 329
558-ENROLLED
559-CS/HB 151, Engrossed 1 2024 Legislature
484+ County Elected Officers 48.84% 44.23%
485+ 258
486+
487+CS/HB 151 2024
560488
561489
562490
563491 CODING: Words stricken are deletions; words underlined are additions.
564-hb0151-03-er
565-Page 16 of 20
492+hb0151-01-c1
493+Page 14 of 21
566494 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
567495
568496
569497
570-member has terminated employment as provided in s. 330
571-121.021(39)(a) or is deceased and a proper application has been 331
572-filed as prescribed by the state board or the department. 332
573-Benefits, including employee contributions, are not payable 333
574-under the investment plan for employee hardships, unforeseeable 334
575-emergencies, loans, medical expenses, educational expenses, 335
576-purchase of a principal reside nce, payments necessary to prevent 336
577-eviction or foreclosure on an employee's principal residence, or 337
578-any other reason except a requested distribution for retirement, 338
579-a mandatory de minimis distribution authorized by the 339
580-administrator, or a required minimum distribution provided 340
581-pursuant to the Internal Revenue Code. The state board or 341
582-department, as appropriate, may cancel an application for 342
583-retirement benefits if the member or beneficiary fails to timely 343
584-provide the information and documents required by thi s chapter 344
585-and the rules of the state board and department. In accordance 345
586-with their respective responsibilities, the state board and the 346
587-department shall adopt rules establishing procedures for 347
588-application for retirement benefits and for the cancellation o f 348
589-such application if the required information or documents are 349
590-not received. The state board and the department, as 350
591-appropriate, are authorized to cash out a de minimis account of 351
592-a member who has been terminated from Florida Retirement System 352
593-covered employment for a minimum of 6 calendar months. A de 353
594-minimis account is an account containing employer and employee 354
595-ENROLLED
596-CS/HB 151, Engrossed 1 2024 Legislature
498+Senior Management Service Class 26.96% 23.90%
499+ 259
500+DROP 16.57% 10.64%
501+ 260
502+ Section 6. Subsection (7) of section 121.72, Florida 261
503+Statutes, is amended, and subsection (8) is added to that 262
504+section, to read: 263
505+ 121.72 Allocations to investment plan member accounts; 264
506+percentage amounts.— 265
507+ (7) Effective July 1, 2023, through June 30, 2024, 266
508+allocations from the Florida Reti rement System Contributions 267
509+Clearing Trust Fund to investment plan member accounts are as 268
510+follows: 269
511+ 270
512+Membership Class Percentage of
513+Gross
514+Compensation
515+ 271
516+
517+ 272
518+Regular Class 11.30%
519+ 273
520+Special Risk Class 19.00%
521+ 274
522+Special Risk Administrative Support Class 12.95%
523+
524+CS/HB 151 2024
597525
598526
599527
600528 CODING: Words stricken are deletions; words underlined are additions.
601-hb0151-03-er
602-Page 17 of 20
529+hb0151-01-c1
530+Page 15 of 21
603531 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
604532
605533
606534
607-contributions and accumulated earnings of not more than $5,000 355
608-made under the provisions of this chapter. Such cash -out must be 356
609-a complete lump-sum liquidation of the account balance, subject 357
610-to the provisions of the Internal Revenue Code, or a lump -sum 358
611-direct rollover distribution paid directly to the custodian of 359
612-an eligible retirement plan, as defined by the Internal Revenue 360
613-Code, on behalf of the member. Any nonvested accumulations and 361
614-associated service credit, including amounts transferred to the 362
615-suspense account of the Florida Retirement System Investment 363
616-Plan Trust Fund authorized under s. 121.4501(6), shall be 364
617-forfeited upon payment of any vested benefit to a member or 365
618-beneficiary, except for de minimis distributions or minimum 366
619-required distributions as provided under this section. If any 367
620-financial instrument issued for the payment of retirement 368
621-benefits under this section is not presented for payment within 369
622-180 days after the last day of the month in which it was 370
623-originally issued, the third -party administrator or other duly 371
624-authorized agent of the state board shall cancel the instrument 372
625-and credit the amount of the instrument to the suspen se account 373
626-of the Florida Retirement System Investment Plan Trust Fund 374
627-authorized under s. 121.4501(6). Any amounts transferred to the 375
628-suspense account are payable upon a proper application, not to 376
629-include earnings thereon, as provided in this section, wit hin 10 377
630-years after the last day of the month in which the instrument 378
631-was originally issued, after which time such amounts and any 379
632-ENROLLED
633-CS/HB 151, Engrossed 1 2024 Legislature
535+ 275
536+Elected Officers' Class —
537+ Legislators, Governor,
538+ Lt. Governor, Cabinet Officers,
539+ State Attorneys, Public Defenders 14.38%
540+ 276
541+Elected Officers' Class —
542+ Justices, Judges 18.23%
543+ 277
544+Elected Officers' Class —
545+ County Elected Officers 16.34%
546+ 278
547+Senior Management Service Class 12.67%
548+ 279
549+ (8) Effective July 1, 2024, allocations from the Florida 280
550+Retirement System Contributions Clearing Trust Fund to 281
551+investment plan member accounts are as follows: 282
552+ 283
553+Membership Class Percentage of
554+Gross
555+Compensation
556+ 284
557+
558+ 285
559+Regular Class 13.30%
560+
561+CS/HB 151 2024
634562
635563
636564
637565 CODING: Words stricken are deletions; words underlined are additions.
638-hb0151-03-er
639-Page 18 of 20
566+hb0151-01-c1
567+Page 16 of 21
640568 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
641569
642570
643571
644-earnings attributable to employer contributions shall be 380
645-forfeited. Any forfeited amounts are assets of the trust fund 381
646-and are not subject to chapter 717. 382
647- (1) NORMAL BENEFITS. —Under the investment plan: 383
648- (a) Benefits in the form of vested accumulations as 384
649-described in s. 121.4501(6) are payable under this subsection in 385
650-accordance with the following terms and conditions: 386
651- 1. Benefits are payable only to a member, an alternate 387
652-payee of a qualified domestic relations order, or a beneficiary. 388
653- 2. Benefits shall be paid by the third -party administrator 389
654-or designated approved providers in accordance with the law, the 390
655-contracts, and any applicable board rule or policy. 391
656- 3. The member must be terminated from all employment with 392
657-all Florida Retirement System employers, as provided in s. 393
658-121.021(39). 394
659- 4. Benefit payments may not be made until the member has 395
660-been terminated for 3 calen dar months, except that the state 396
661-board may authorize by rule for the distribution of up to 10 397
662-percent of the member's account after being terminated for 1 398
663-calendar month if the member has reached the normal retirement 399
664-date as defined in s. 121.021. 400
665- 5. If a member or former member of the Florida Retirement 401
666-System receives an invalid distribution, such person must either 402
667-repay the full amount within 90 days after receipt of final 403
668-notification by the state board or the third -party administrator 404
669-ENROLLED
670-CS/HB 151, Engrossed 1 2024 Legislature
572+ 286
573+Special Risk Class 22.00%
574+ 287
575+Special Risk Administrative Support Class 14.95%
576+ 288
577+Elected Officers' Class —
578+ Legislators, Governor,
579+ Lt. Governor, Cabinet Officers,
580+ State Attorneys, Public Defenders 18.38%
581+ 289
582+Elected Officers' Class —
583+ Justices, Judges 22.23%
584+ 290
585+Elected Officers' Class —
586+ County Elected Officers 20.34%
587+ 291
588+Senior Management Service Class 14.67%
589+ 292
590+ Section 7. Paragraph (a) of subsection (1) of section 293
591+121.591, Florida Statutes, is amended to read: 294
592+ 121.591 Payment of benefits. —Benefits may not be paid 295
593+under the Florida Retirement System Investment Plan unless the 296
594+member has terminated employment as provided in s. 297
595+121.021(39)(a) or is deceased and a proper application has been 298
596+filed as prescribed by the sta te board or the department. 299
597+
598+CS/HB 151 2024
671599
672600
673601
674602 CODING: Words stricken are deletions; words underlined are additions.
675-hb0151-03-er
676-Page 19 of 20
603+hb0151-01-c1
604+Page 17 of 21
677605 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
678606
679607
680608
681-that the distribution was invalid, or, in lieu of repayment, the 405
682-member must terminate employment from all participating 406
683-employers. If such person fails to repay the full invalid 407
684-distribution within 90 days after receipt of final notification, 408
685-the person may be deemed retired from the investment plan by the 409
686-state board and is subject to s. 121.122. If such person is 410
687-deemed retired, any joint and several liability set out in s. 411
688-121.091(9)(e)2. s. 121.091(9)(d)2. is void, and the state board, 412
689-the department, or the emplo ying agency is not liable for gains 413
690-on payroll contributions that have not been deposited to the 414
691-person's account in the investment plan, pending resolution of 415
692-the invalid distribution. The member or former member who has 416
693-been deemed retired or who has bee n determined by the state 417
694-board to have taken an invalid distribution may appeal the 418
695-agency decision through the complaint process as provided under 419
696-s. 121.4501(9)(g)3. As used in this subparagraph, the term 420
697-"invalid distribution" means any distribution fr om an account in 421
698-the investment plan which is taken in violation of this section, 422
699-s. 121.091(9), or s. 121.4501. 423
700- Section 5. The Legislature finds that a proper and 424
701-legitimate state purpose is served when employees and retirees 425
702-of the state and its poli tical subdivisions, and the dependents, 426
703-survivors, and beneficiaries of such employees and retirees, are 427
704-extended the basic protections afforded by governmental 428
705-retirement systems that provide fair and adequate benefits and 429
706-ENROLLED
707-CS/HB 151, Engrossed 1 2024 Legislature
609+Benefits, including employee contributions, are not payable 300
610+under the investment plan for employee hardships, unforeseeable 301
611+emergencies, loans, medical expenses, educational expenses, 302
612+purchase of a principal residence, payments necessary to prevent 303
613+eviction or foreclosure on an employee's principal residence, or 304
614+any other reason except a requested distribution for retirement, 305
615+a mandatory de minimis distribution authorized by the 306
616+administrator, or a required minimum distribution p rovided 307
617+pursuant to the Internal Revenue Code. The state board or 308
618+department, as appropriate, may cancel an application for 309
619+retirement benefits if the member or beneficiary fails to timely 310
620+provide the information and documents required by this chapter 311
621+and the rules of the state board and department. In accordance 312
622+with their respective responsibilities, the state board and the 313
623+department shall adopt rules establishing procedures for 314
624+application for retirement benefits and for the cancellation of 315
625+such application if the required information or documents are 316
626+not received. The state board and the department, as 317
627+appropriate, are authorized to cash out a de minimis account of 318
628+a member who has been terminated from Florida Retirement System 319
629+covered employment for a minimum of 6 calendar months. A de 320
630+minimis account is an account containing employer and employee 321
631+contributions and accumulated earnings of not more than $5,000 322
632+made under the provisions of this chapter. Such cash -out must be 323
633+a complete lump-sum liquidation of the account balance, subject 324
634+
635+CS/HB 151 2024
708636
709637
710638
711639 CODING: Words stricken are deletions; words underlined are additions.
712-hb0151-03-er
713-Page 20 of 20
640+hb0151-01-c1
641+Page 18 of 21
714642 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
715643
716644
717645
718-that are managed, administered, and funded in an actuarially 430
719-sound manner as required by s. 14, Art. X of the State 431
720-Constitution and part VII of chapter 112, Florida Statutes. 432
721-Therefore, the Legislature determines and declares that this act 433
722-fulfills an important state interest. 434
723- Section 6. This act shall take effect July 1, 2024. 435
646+to the provisions of the Internal Revenue Code, or a lump -sum 325
647+direct rollover distribution paid directly to the custodian of 326
648+an eligible retirement plan, as defined by the Internal Revenue 327
649+Code, on behalf of the member. An y nonvested accumulations and 328
650+associated service credit, including amounts transferred to the 329
651+suspense account of the Florida Retirement System Investment 330
652+Plan Trust Fund authorized under s. 121.4501(6), shall be 331
653+forfeited upon payment of any vested benefi t to a member or 332
654+beneficiary, except for de minimis distributions or minimum 333
655+required distributions as provided under this section. If any 334
656+financial instrument issued for the payment of retirement 335
657+benefits under this section is not presented for payment wi thin 336
658+180 days after the last day of the month in which it was 337
659+originally issued, the third -party administrator or other duly 338
660+authorized agent of the state board shall cancel the instrument 339
661+and credit the amount of the instrument to the suspense account 340
662+of the Florida Retirement System Investment Plan Trust Fund 341
663+authorized under s. 121.4501(6). Any amounts transferred to the 342
664+suspense account are payable upon a proper application, not to 343
665+include earnings thereon, as provided in this section, within 10 344
666+years after the last day of the month in which the instrument 345
667+was originally issued, after which time such amounts and any 346
668+earnings attributable to employer contributions shall be 347
669+forfeited. Any forfeited amounts are assets of the trust fund 348
670+and are not subject t o chapter 717. 349
671+
672+CS/HB 151 2024
673+
674+
675+
676+CODING: Words stricken are deletions; words underlined are additions.
677+hb0151-01-c1
678+Page 19 of 21
679+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
680+
681+
682+
683+ (1) NORMAL BENEFITS. —Under the investment plan: 350
684+ (a) Benefits in the form of vested accumulations as 351
685+described in s. 121.4501(6) are payable under this subsection in 352
686+accordance with the following terms and conditions: 353
687+ 1. Benefits are payable only to a member, an alternate 354
688+payee of a qualified domestic relations order, or a beneficiary. 355
689+ 2. Benefits shall be paid by the third -party administrator 356
690+or designated approved providers in accordance with the law, the 357
691+contracts, and any applicabl e board rule or policy. 358
692+ 3. The member must be terminated from all employment with 359
693+all Florida Retirement System employers, as provided in s. 360
694+121.021(39). 361
695+ 4. Benefit payments may not be made until the member has 362
696+been terminated for 3 calendar months, ex cept that the state 363
697+board may authorize by rule for the distribution of up to 10 364
698+percent of the member's account after being terminated for 1 365
699+calendar month if the member has reached the normal retirement 366
700+date as defined in s. 121.021. 367
701+ 5. If a member or former member of the Florida Retirement 368
702+System receives an invalid distribution, such person must either 369
703+repay the full amount within 90 days after receipt of final 370
704+notification by the state board or the third -party administrator 371
705+that the distribution was invalid, or, in lieu of repayment, the 372
706+member must terminate employment from all participating 373
707+employers. If such person fails to repay the full invalid 374
708+
709+CS/HB 151 2024
710+
711+
712+
713+CODING: Words stricken are deletions; words underlined are additions.
714+hb0151-01-c1
715+Page 20 of 21
716+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
717+
718+
719+
720+distribution within 90 days after receipt of final notification, 375
721+the person may be deemed retired from the investment plan by the 376
722+state board and is subject to s. 121.122. If such person is 377
723+deemed retired, any joint and several liability set out in s. 378
724+121.091(9)(e)2. s. 121.091(9)(d)2. is void, and the state board, 379
725+the department, or the employing agency is not liable for gains 380
726+on payroll contributions that have not been deposited to the 381
727+person's account in the investment plan, pending resolution of 382
728+the invalid distribution. The member or former member who has 383
729+been deemed retired or who has been determined b y the state 384
730+board to have taken an invalid distribution may appeal the 385
731+agency decision through the complaint process as provided under 386
732+s. 121.4501(9)(g)3. As used in this subparagraph, the term 387
733+"invalid distribution" means any distribution from an account in 388
734+the investment plan which is taken in violation of this section, 389
735+s. 121.091(9), or s. 121.4501. 390
736+ Section 8. The Legislature finds that a proper and 391
737+legitimate state purpose is served when employees and retirees 392
738+of the state and its political subdivis ions, and the dependents, 393
739+survivors, and beneficiaries of such employees and retirees, are 394
740+extended the basic protections afforded by governmental 395
741+retirement systems that provide fair and adequate benefits and 396
742+that are managed, administered, and funded in an actuarially 397
743+sound manner as required by s. 14, Art. X of the State 398
744+Constitution and part VII of chapter 112, Florida Statutes. 399
745+
746+CS/HB 151 2024
747+
748+
749+
750+CODING: Words stricken are deletions; words underlined are additions.
751+hb0151-01-c1
752+Page 21 of 21
753+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
754+
755+
756+
757+Therefore, the Legislature determines and declares that this act 400
758+fulfills an important state interest. 401
759+ Section 9. This act shall take effect July 1, 2024. 402