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The Florida Senate

HB 1499: Actuarial Soundness of Retirement Systems


Actuarial Soundness of Retirement Systems; Provides frequency of actuarial reports for retirement systems & plans placed on pension watch list; defines term "funded ratio"; creates pension watch list for retirement & pension plans failing to achieve specified funded ratio; provides strategic requirements for local governmental entities on pension watch list; provides when certain local governmental entities must implement their strategies; prohibits plans on pension watch list from increasing plan benefit levels; requires plans on pension watch list to use certain tax revenues for certain purposes until funded ratio for plan reaches certain percentage; provides for removal of plans from pension watch list; provides that sponsor of local governmental entity with defined benefit pension plan meeting specified requirements shall be deemed to be in financial urgency.

Effective Date: 7/1/2012
Last Action: 3/9/2012 House - Died in Government Operations Subcommittee
Bill Text: PDF

Bill History

Date Chamber Action
1/18/2012 House • Filed
1/19/2012 House • Referred to Government Operations Subcommittee; Finance and Tax Committee; State Affairs Committee -HJ 230
• Introduced -HJ 230
3/9/2012 House • Died in Government Operations Subcommittee