Florida Senate - 2014 COMMITTEE AMENDMENT
Bill No. SB 246
Ì736386LÎ736386
LEGISLATIVE ACTION
Senate . House
Comm: RS .
04/11/2014 .
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following:
1 Senate Amendment (with title amendment)
2
3 Delete lines 625 - 1147
4 and insert:
5 Section 7. Subsection (2) of section 185.01, Florida
6 Statutes, is amended to read:
7 185.01 Legislative declaration.—
8 (2) This chapter hereby establishes, for all municipal
9 pension plans now or hereinafter provided for under this
10 chapter, including chapter plans and local law plans, minimum
11 benefits and minimum standards for the operation and funding of
12 such plans, hereinafter referred to as municipal police
13 officers’ retirement trust funds, which must be met as
14 conditions precedent to the plans or plan sponsors receiving a
15 distribution of insurance premium tax revenues under s. 185.10.
16 The minimum benefits and minimum standards for each plan as set
17 forth in this chapter may not be diminished by local ordinance
18 or by special act of the Legislature and may not, nor may the
19 minimum benefits or minimum standards be reduced or offset by
20 any other local, state, or federal plan that includes may
21 include police officers in its operation, except as provided
22 under s. 112.65.
23 Section 8. Section 185.02, Florida Statutes, is amended to
24 read:
25 185.02 Definitions.—For any municipality, chapter plan,
26 local law municipality, or local law plan under this chapter,
27 the term following words and phrases as used in this chapter
28 shall have the following meanings, unless a different meaning is
29 plainly required by the context:
30 (1) “Additional premium tax revenues” means revenues
31 received by a municipality pursuant to s. 185.10 which exceed
32 base premium tax revenues.
33 (2)(1) “Average final compensation” means one-twelfth of
34 the average annual compensation of the 5 best years of the last
35 10 years of creditable service prior to retirement, termination,
36 or death.
37 (3) “Base premium tax revenues” means the revenues received
38 by a municipality pursuant to s. 185.10 for the calendar year
39 1997.
40 (4)(2) “Casualty insurance” means automobile public
41 liability and property damage insurance to be applied at the
42 place of residence of the owner, or if the subject is a
43 commercial vehicle, to be applied at the place of business of
44 the owner; automobile collision insurance; fidelity bonds;
45 burglary and theft insurance; and plate glass insurance. The
46 term “multiple peril” means a combination or package policy that
47 includes both property coverage and casualty coverage for a
48 single premium.
49 (5)(3) “Chapter plan” means a separate defined benefit
50 pension plan for police officers which incorporates by reference
51 the provisions of this chapter and has been adopted by the
52 governing body of a municipality as provided in s. 185.08.
53 Except as may be specifically authorized in this chapter, the
54 provisions of a chapter plan may not differ from the plan
55 provisions set forth in ss. 185.01-185.341 and ss. 185.37
56 185.39. Actuarial valuations of chapter plans shall be conducted
57 by the division as provided by s. 185.221(1)(b).
58 (6)(4) “Compensation” or “salary” means, for
59 noncollectively bargained service earned before July 1, 2011, or
60 for service earned under collective bargaining agreements in
61 place before July 1, 2011, the total cash remuneration including
62 “overtime” paid by the primary employer to a police officer for
63 services rendered, which overtime payments for use in retirement
64 benefit calculations may be limited in a local law plan under
65 applicable law before July 1, 2011, but not including any
66 payments for extra duty or special detail work performed on
67 behalf of a second party employer. A local law plan may limit
68 the amount of overtime payments which can be used for retirement
69 benefit calculation purposes; however, such overtime limit may
70 not be less than 300 hours per officer per calendar year. For
71 noncollectively bargained service earned on or after July 1,
72 2011, or for service earned under collective bargaining
73 agreements entered into on or after July 1, 2011, the term has
74 the same meaning except that when calculating retirement
75 benefits, up to 300 hours per year in overtime compensation may
76 be included as specified in the plan or collective bargaining
77 agreement, but payments for accrued unused sick or annual leave
78 may not be included.
79 (a) Any retirement trust fund or plan that meets the
80 requirements of this chapter does not, solely by virtue of this
81 subsection, reduce or diminish the monthly retirement income
82 otherwise payable to each police officer covered by the
83 retirement trust fund or plan.
84 (b) The member’s compensation or salary contributed as
85 employee-elective salary reductions or deferrals to any salary
86 reduction, deferred compensation, or tax-sheltered annuity
87 program authorized under the Internal Revenue Code shall be
88 deemed to be the compensation or salary the member would receive
89 if he or she were not participating in such program and shall be
90 treated as compensation for retirement purposes under this
91 chapter.
92 (c) For any person who first becomes a member in any plan
93 year beginning on or after January 1, 1996, compensation for
94 that plan year may not include any amounts in excess of the
95 Internal Revenue Code s. 401(a)(17) limitation, as amended by
96 the Omnibus Budget Reconciliation Act of 1993, which limitation
97 of $150,000 shall be adjusted as required by federal law for
98 qualified government plans and shall be further adjusted for
99 changes in the cost of living in the manner provided by Internal
100 Revenue Code s. 401(a)(17)(B). For any person who first became a
101 member before the first plan year beginning on or after January
102 1, 1996, the limitation on compensation may not be less than the
103 maximum compensation amount that was allowed to be taken into
104 account under the plan as in effect on July 1, 1993, which
105 limitation shall be adjusted for changes in the cost of living
106 since 1989 in the manner provided by Internal Revenue Code s.
107 401(a)(17)(1991).
108 (7)(5) “Creditable service” or “credited service” means the
109 aggregate number of years of service and fractional parts of
110 years of service of any police officer, omitting intervening
111 years and fractional parts of years when such police officer may
112 not have been employed by the municipality subject to the
113 following conditions:
114 (a) A No police officer may not will receive credit for
115 years or fractional parts of years of service if he or she has
116 withdrawn his or her contributions to the fund for those years
117 or fractional parts of years of service, unless the police
118 officer repays into the fund the amount he or she has withdrawn,
119 plus interest as determined by the board. The member has shall
120 have at least 90 days after his or her reemployment to make
121 repayment.
122 (b) A police officer may voluntarily leave his or her
123 contributions in the fund for a period of 5 years after leaving
124 the employ of the police department, pending the possibility of
125 his or her being rehired by the same department, without losing
126 credit for the time he or she has participated actively as a
127 police officer. If he or she is not reemployed as a police
128 officer with the same department within 5 years, his or her
129 contributions shall be returned to him or her without interest.
130 (c) Credited service under this chapter shall be provided
131 only for service as a police officer, as defined in subsection
132 (11), or for military service and may not include credit for any
133 other type of service. A municipality may, by local ordinance,
134 may provide for the purchase of credit for military service
135 occurring before employment as well as prior service as a police
136 officer for some other employer as long as the police officer is
137 not entitled to receive a benefit for such other prior service
138 as a police officer. For purposes of determining credit for
139 prior service, in addition to service as a police officer in
140 this state, credit may be given for federal, other state, or
141 county service as long as such service is recognized by the
142 Criminal Justice Standards and Training Commission within the
143 Department of Law Enforcement as provided in under chapter 943
144 or the police officer provides proof to the board of trustees
145 that such service is equivalent to the service required to meet
146 the definition of a police officer under subsection (16) (11).
147 (d) In determining the creditable service of a any police
148 officer, credit for up to 5 years of the time spent in the
149 military service of the Armed Forces of the United States shall
150 be added to the years of actual service, if:
151 1. The police officer is in the active employ of the
152 municipality before prior to such service and leaves a position,
153 other than a temporary position, for the purpose of voluntary or
154 involuntary service in the Armed Forces of the United States.
155 2. The police officer is entitled to reemployment under the
156 provisions of the Uniformed Services Employment and Reemployment
157 Rights Act.
158 3. The police officer returns to his or her employment as a
159 police officer of the municipality within 1 year after from the
160 date of his or her release from such active service.
161 (8)(6) “Deferred Retirement Option Plan” or “DROP” means a
162 local law plan retirement option in which a police officer may
163 elect to participate. A police officer may retire for all
164 purposes of the plan and defer receipt of retirement benefits
165 into a DROP account while continuing employment with his or her
166 employer. However, a police officer who enters the DROP and who
167 is otherwise eligible to participate may shall not thereby be
168 precluded from participation or continued participation
169 participating, or continuing to participate, in a supplemental
170 plan in existence on, or created after, March 12, 1999 the
171 effective date of this act.
172 (9) “Defined contribution plan” means the component of a
173 local law plan, as provided in s. 185.35(1), to which deposits,
174 if any, are made to provide benefits for police officers, or for
175 police officers and firefighters if both are included. Such
176 component is an element of a local law plan and exists in
177 conjunction with the defined benefit component that meets the
178 minimum benefits and minimum standards of this chapter. The
179 retirement benefits, if any, of the defined contribution plan
180 shall be provided through individual member accounts in
181 accordance with the applicable provisions of the Internal
182 Revenue Code and related regulations and are limited to the
183 contributions, if any, made into each member’s account and the
184 actual accumulated earnings, net of expenses, earned on the
185 member’s account.
186 (10)(7) “Division” means the Division of Retirement of the
187 Department of Management Services.
188 (11)(8) “Enrolled actuary” means an actuary who is enrolled
189 under Subtitle C of Title III of the Employee Retirement Income
190 Security Act of 1974 and who is a member of the Society of
191 Actuaries or the American Academy of Actuaries.
192 (12)(9) “Local law municipality” means is any municipality
193 in which there exists a local law plan exists.
194 (13)(10) “Local law plan” means a retirement defined
195 benefit pension plan, which includes both a defined benefit plan
196 component and a defined contribution plan component, for police
197 officers, or for police officers and firefighters if both are,
198 where included, as described in s. 185.35, established by
199 municipal ordinance or special act of the Legislature, which
200 enactment sets forth all plan provisions. Local law plan
201 provisions may vary from the provisions of this chapter if the,
202 provided that required minimum benefits and minimum standards of
203 this chapter are met. However, any such variance must shall
204 provide a greater benefit for police officers. Actuarial
205 valuations of local law plans shall be conducted by an enrolled
206 actuary as provided in s. 185.221(2)(b).
207 (14) “Minimum benefits” means the benefits set forth in ss.
208 185.01-185.341 and ss. 185.37-185.50.
209 (15) “Minimum standards” means the standards set forth in
210 ss. 185.01-185.341 and ss. 185.37-185.50.
211 (16)(11) “Police officer” means any person who is elected,
212 appointed, or employed full time by a any municipality, who is
213 certified or required to be certified as a law enforcement
214 officer in compliance with s. 943.1395, who is vested with
215 authority to bear arms and make arrests, and whose primary
216 responsibility is the prevention and detection of crime or the
217 enforcement of the penal, criminal, traffic, or highway laws of
218 the state. The term This definition includes all certified
219 supervisory and command personnel whose duties include, in whole
220 or in part, the supervision, training, guidance, and management
221 responsibilities of full-time law enforcement officers, part
222 time law enforcement officers, or auxiliary law enforcement
223 officers, but does not include part-time law enforcement
224 officers or auxiliary law enforcement officers as those terms
225 the same are defined in s. 943.10(6) and (8), respectively. For
226 the purposes of this chapter only, the term also includes
227 “police officer” also shall include a public safety officer who
228 is responsible for performing both police and fire services. Any
229 plan may provide that the police chief shall have an option to
230 participate, or not, in that plan.
231 (17)(12) “Police Officers’ Retirement Trust Fund” means a
232 trust fund, by whatever name known, as provided under s. 185.03
233 for the purpose of assisting municipalities in establishing and
234 maintaining a retirement plan for police officers.
235 (18)(13) “Retiree” or “retired police officer” means a
236 police officer who has entered retirement status. For the
237 purposes of a plan that includes a Deferred Retirement Option
238 Plan (DROP), a police officer who enters the DROP is shall be
239 considered a retiree for all purposes of the plan. However, a
240 police officer who enters the DROP and who is otherwise eligible
241 to participate may shall not thereby be precluded from
242 participating, or continuing to participate, in a supplemental
243 plan in existence on, or created after, March 12, 1999 the
244 effective date of this act.
245 (19)(14) “Retirement” means a police officer’s separation
246 from municipal city employment as a police officer with
247 immediate eligibility for receipt of benefits under the plan.
248 For purposes of a plan that includes a Deferred Retirement
249 Option Plan (DROP), “retirement” means the date a police officer
250 enters the DROP.
251 (20) “Special act plan” means a plan subject to the
252 provisions of this chapter which was created by an act of the
253 Legislature and continues to require an act of the Legislature
254 to alter plan benefits.
255 (21) “Special benefits” means benefits provided in a
256 defined contribution plan for police officers.
257 (22)(15) “Supplemental plan” means a plan to which deposits
258 of the premium tax moneys as provided in s. 185.08 are made to
259 provide extra benefits to police officers, or police officers
260 and firefighters if both are where included, under this chapter.
261 Such a plan is an element of a local law plan and exists in
262 conjunction with a defined benefit component plan that meets the
263 minimum benefits and minimum standards of this chapter. Any
264 supplemental plan in existence on March 1, 2014, shall be deemed
265 to be a defined contribution plan in compliance with s.
266 185.35(6).
267 (23)(16) “Supplemental plan municipality” means a any local
268 law municipality in which there existed a supplemental plan
269 existed as of December 1, 2000.
270 Section 9. Subsection (6) of section 185.06, Florida
271 Statutes, is amended to read:
272 185.06 General powers and duties of board of trustees.—For
273 any municipality, chapter plan, local law municipality, or local
274 law plan under this chapter:
275 (6) To assist the board in meeting its responsibilities
276 under this chapter, the board, if it so elects, may:
277 (a) Employ independent legal counsel at the pension fund’s
278 expense.
279 (b) Employ an independent enrolled actuary, as defined in
280 s. 185.02(8), at the pension fund’s expense.
281 (c) Employ such independent professional, technical, or
282 other advisers as it deems necessary at the pension fund’s
283 expense.
284
285 If the board chooses to use the municipality’s or special
286 district’s legal counsel or actuary, or chooses to use any of
287 the municipality’s other professional, technical, or other
288 advisers, it must do so only under terms and conditions
289 acceptable to the board.
290 Section 10. Paragraph (d) of subsection (1) of section
291 185.07, Florida Statutes, is amended to read:
292 185.07 Creation and maintenance of fund.—For any
293 municipality, chapter plan, local law municipality, or local law
294 plan under this chapter:
295 (1) The municipal police officers’ retirement trust fund in
296 each municipality described in s. 185.03 shall be created and
297 maintained in the following manner:
298 (d) By payment by the municipality or other sources of a
299 sum equal to the normal cost and the amount required to fund any
300 actuarial deficiency shown by an actuarial valuation conducted
301 under as provided in part VII of chapter 112 after taking into
302 account the amounts described in paragraphs (b), (c), (e), (f),
303 and (g) and the tax proceeds described in paragraph (a) which
304 must be used to fund defined benefit plan benefits.
305
306 Nothing in this section shall be construed to require adjustment
307 of member contribution rates in effect on the date this act
308 becomes a law, including rates that exceed 5 percent of salary,
309 provided that such rates are at least one-half of 1 percent of
310 salary.
311 Section 11. Subsection (2) of section 185.16, Florida
312 Statutes, is amended to read:
313 185.16 Requirements for retirement.—For any municipality,
314 chapter plan, local law municipality, or local law plan under
315 this chapter, any police officer who completes 10 or more years
316 of creditable service as a police officer and attains age 55, or
317 completes 25 years of creditable service as a police officer and
318 attains age 52, and for such period has been a member of the
319 retirement fund is eligible for normal retirement benefits.
320 Normal retirement under the plan is retirement from the service
321 of the city on or after the normal retirement date. In such
322 event, for chapter plans and local law plans, payment of
323 retirement income will be governed by the following provisions
324 of this section:
325 (2) The amount of the monthly retirement income payable to
326 a police officer who retires on or after his or her normal
327 retirement date shall be an amount equal to the number of the
328 police officer’s years of credited service multiplied by 2.75 2
329 percent of his or her average final compensation. However, if
330 current state contributions pursuant to this chapter are not
331 adequate to fund the additional benefits to meet the minimum
332 requirements in this chapter, only increment increases shall be
333 required as state moneys are adequate to provide. Such
334 increments shall be provided as state moneys become available.
335 (a) Effective July 1, 2014, a plan that is in compliance
336 with this chapter except that the plan provides a benefit that
337 is less than 2.75 percent of the average final compensation of a
338 police officer, as defined in section 185.16(2)(a), must
339 maintain, at a minimum, the percentage amount in effect on July
340 1, 2014, and is not required to increase the benefit to 2.75
341 percent of the average final compensation of a police officer.
342 (b) Effective July 1, 2014, a plan that is in compliance
343 with this chapter except that the plan provides a benefit that
344 is less than 2.75 percent of the average final compensation of a
345 police officer, as defined in section 185.16(2)(a), and that
346 changes its accrual rate to 2.75 percent, or greater, of the
347 average final compensation of a police officer, as defined in
348 section 185.16(2)(a), may not thereafter decrease the accrual
349 rate to less than 2.75 percent of the average final compensation
350 of a police officer as defined in section 185.16(2)(a).
351 Section 12. Section 185.35, Florida Statutes, is amended to
352 read:
353 185.35 Municipalities that have having their own retirement
354 pension plans for police officers.—For any municipality, chapter
355 plan, local law municipality, or local law plan under this
356 chapter, In order for a municipality that has its municipalities
357 with their own retirement plan pension plans for police
358 officers, or for police officers and firefighters if both are
359 included, to participate in the distribution of the tax fund
360 established under pursuant to s. 185.08, a local law plan and
361 its plan sponsor plans must meet the minimum benefits and
362 minimum standards set forth in this chapter:
363 (1) If a municipality has a retirement pension plan for
364 police officers, or for police officers and firefighters if both
365 are included, which, in the opinion of the division, meets the
366 minimum benefits and minimum standards set forth in this
367 chapter, the board of trustees of the pension plan must, as
368 approved by a majority of police officers of the municipality,
369 may:
370 (a) place the income from the premium tax in s. 185.08 in
371 such pension plan for the sole and exclusive use of its police
372 officers, or its police officers and firefighters if both are
373 included, where it shall become an integral part of that pension
374 plan and shall be used to fund benefits as provided herein.
375 Effective October 1, 2014, for noncollectively bargained service
376 or upon entering into a collective bargaining agreement on or
377 after July 1, 2014:
378 (a) The base premium tax revenues must be used to fund
379 minimum benefits or other retirement benefits in excess of the
380 minimum benefits as determined by the municipality.
381 (b) Of the additional premium tax revenues received which
382 are in excess of the amount received for the 2013 calendar year,
383 50 percent must be used to fund minimum benefits or other
384 retirement benefits in excess of the minimum benefits as
385 determined by the municipality, and 50 percent must be placed in
386 a defined contribution plan to fund special benefits.
387 (c) Additional premium tax revenues not described in
388 paragraph (b) must be used to fund benefits that are not
389 included in the minimum benefits.
390 (d) Any accumulations of additional tax revenues which have
391 not been applied to fund benefits in excess of the minimum
392 benefits or applied to fund a supplemental plan shall be used to
393 fund special benefits pay extra benefits to the police officers
394 included in that pension plan; or
395 (b) May place the income from the premium tax in s. 185.08
396 in a separate supplemental plan to pay extra benefits to the
397 police officers, or police officers and firefighters if
398 included, participating in such separate supplemental plan.
399 (e) For a plan created after March 1, 2014, 50 percent of
400 the insurance premium tax revenues shall be used to fund defined
401 benefit plan component benefits, with the remainder used to fund
402 defined contribution plan component benefits.
403 (f) If a plan offers benefits in excess of the minimum
404 benefits, excluding supplemental plan benefits in effect as of
405 September 30, 2013, such benefits may be reduced if the plan
406 continues to meet the minimum benefits and the minimum standards
407 set forth in this chapter. The amount of insurance premium tax
408 revenues previously used to fund benefits in excess of the
409 minimum benefits, excluding supplemental plan benefits in effect
410 as of September 30, 2013, before the reduction must be used as
411 provided in paragraph (b). However, benefits in excess of the
412 minimum benefits may not be reduced if a plan does not meet the
413 minimum accrual rate of 2.75 percent, or greater, of the average
414 final compensation of a police officer, as defined in section
415 185.16(2)(a).
416 (g) Notwithstanding any other provisions of this
417 subsection, the use of premium tax revenues, including any
418 accumulations of additional tax revenues which have not been
419 applied to fund benefits in excess of the minimum benefits, may
420 deviate from the provisions of this subsection by mutual consent
421 of the members’ collective bargaining representative or, if
422 none, by majority consent of the police office members of the
423 fund, and by consent of the municipality, provided that the plan
424 continues to meet the minimum benefits and minimum standards of
425 this chapter. Such mutually agreed deviation shall continue
426 until modified or revoked by subsequent mutual consent of the
427 members’ collective bargaining representative or, if none, by a
428 majority of the police office members of the fund, and the
429 municipality. A special act plan or a plan within a supplemental
430 plan municipality shall be considered to have mutually consented
431 to such deviation as of July 1 ,2014, regarding the existing
432 arrangement on the use of premium tax revenues.
433 (2) The premium tax provided by this chapter shall in all
434 cases be used in its entirety to provide retirement extra
435 benefits to police officers, or to police officers and
436 firefighters if both are included. However, local law plans in
437 effect on October 1, 1998, must comply with the minimum benefit
438 provisions of this chapter only to the extent that additional
439 premium tax revenues become available to incrementally fund the
440 cost of such compliance as provided in s. 185.16(2). If a plan
441 is in compliance with such minimum benefit provisions, as
442 subsequent additional tax revenues become available, they shall
443 be used to provide extra benefits. Local law plans created by
444 special act before May 27, 1939, shall be deemed to comply with
445 this chapter. For the purpose of this chapter, the term:
446 (a) “Additional premium tax revenues” means revenues
447 received by a municipality pursuant to s. 185.10 which exceed
448 the amount received for calendar year 1997.
449 (b) “Extra benefits” means benefits in addition to or
450 greater than those provided to general employees of the
451 municipality and in addition to those in existence for police
452 officers on March 12, 1999.
453 (3) A retirement plan or amendment to a retirement plan may
454 not be proposed for adoption unless the proposed plan or
455 amendment contains an actuarial estimate of the costs involved.
456 Such proposed plan or proposed plan change may not be adopted
457 without the approval of the municipality or, where required
458 permitted, the Legislature. Copies of the proposed plan or
459 proposed plan change and the actuarial impact statement of the
460 proposed plan or proposed plan change shall be furnished to the
461 division before the last public hearing on the proposal is held
462 thereon. Such statement must also indicate whether the proposed
463 plan or proposed plan change is in compliance with s. 14, Art. X
464 of the State Constitution and those provisions of part VII of
465 chapter 112 which are not expressly provided in this chapter.
466 Notwithstanding any other provision, only those local law plans
467 created by special act of legislation before May 27, 1939, are
468 deemed to meet the minimum benefits and minimum standards only
469 in this chapter.
470 (4) Notwithstanding any other provision, with respect to
471 any supplemental plan municipality:
472 (a) Section 185.02(6)(a) 185.02(4)(a) does not apply, and a
473 local law plan and a supplemental plan may continue to use their
474 definition of compensation or salary in existence on March 12,
475 1999.
476 (b) A local law plan and a supplemental plan must continue
477 to be administered by a board or boards of trustees numbered,
478 constituted, and selected as the board or boards were numbered,
479 constituted, and selected on December 1, 2000.
480 (c) The election set forth in paragraph (1)(b) is deemed to
481 have been made.
482 (5) The retirement plan setting forth the benefits and the
483 trust agreement, if any, covering the duties and
484 responsibilities of the trustees and the regulations of the
485 investment of funds must be in writing and copies made available
486 to the participants and to the general public.
487 (6) In addition to the defined benefit component of the
488 local law plan, each plan sponsor must have a defined
489 contribution plan component within the local law plan by October
490 1, 2014, upon entering into a collective bargaining agreement on
491 or after July 1, 2014, or upon the creation date of a new
492 participating plan. Depending upon the application of subsection
493 (1), a defined contribution component may or may not receive any
494 funding.
495 (7) Notwithstanding any other provision of this chapter, a
496 municipality that has implemented or proposed changes to a local
497 law plan based on the municipality’s reliance on an
498 interpretation of this chapter by the department on or after
499 August 14, 2012, and before March 4, 2014, may continue the
500 implemented changes or continue to implement proposed changes.
501 Such reliance must be evidenced by a written collective
502 bargaining proposal or agreement, or formal correspondence
503 between the municipality and the department which describes the
504 specific changes to the local law plan, with the initial
505 proposal, agreement, or correspondence from the municipality
506 dated before March 4, 2014. Changes to the local law plan which
507 are otherwise contrary to the minimum benefits and minimum
508 standards of this chapter may continue in effect until the
509 earlier of October 1, 2017, or the effective date of a
510 collective bargaining agreement that is contrary to the changes
511 to the local law plan.
512
513 ================= T I T L E A M E N D M E N T ================
514 And the title is amended as follows:
515 Delete lines 34 - 51
516 and insert:
517 by the act and adding new definitions; revising
518 applicability of the limitation on the amount of
519 overtime payments which may be used for retirement
520 benefit calculations; amending s. 185.06, F.S.;
521 conforming a cross-reference; amending s. 185.07,
522 F.S.; revising the method of creating and maintaining
523 a police officers’ retirement trust fund; amending s.
524 185.16, F.S.; deleting a provision basing the
525 availability of additional benefits in a police
526 officer pension plan upon state funding; revising the
527 calculation of monthly retirement income for a police
528 officer; providing that certain police officer pension
529 plans must maintain a certain minimum percentage of
530 average final compensation after a specified date;
531 amending s. 185.35, F.S., relating to municipalities
532 that have their own pension plans for police officers
533 and want to participate in the distribution of a tax
534 fund; conforming a cross-reference; revising criteria
535 governing the use of revenues from the premium tax;
536 authorizing a plan to reduce excess benefits if the
537 plan continues to meet certain minimum benefits and
538 minimum standards; providing that the use of premium
539 tax revenues may deviate from the requirements of ch.
540 185, F.S., under specified circumstances;