The Florida Senate

175.333  Discrimination in benefit formula prohibited.--No plan established under the provisions of this chapter and participating in the distribution of premium tax moneys as provided in this chapter shall discriminate in its benefit formula based on color, national origin, sex, or marital status; however, if a plan offers a joint annuitant option and the member selects such option, or the plan specifies the member's spouse is to receive the benefits which continue to be payable upon the death of the member, then in both of these cases after the benefits have commenced a retired member may change his or her designation of joint annuitant or beneficiary only twice. If said retired member desires to change his or her joint annuitant or beneficiary, the member shall file with the board of trustees of his or her plan a notarized notice of such change either by registered letter or on a form as provided by the administrator of the plan. Upon receipt of a completed change of joint annuitant form or such other notice, the board of trustees shall adjust the member's monthly benefit by the application of actuarial tables and calculations developed to ensure that the benefit paid is the actuarial equivalent of the present value of the member's current benefit. Nothing herein shall preclude a plan from actuarially adjusting benefits or offering options based upon sex, age, early retirement, or disability.

History.--s. 4, ch. 79-380; s. 19, ch. 86-41; s. 932, ch. 95-147.