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HB 7181 - Reforms Retirement Systems for State Employees - Key Vote

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Legislation - Bill Passed (House) (74-44) - (Key vote)

Title: Reforms Retirement Systems for State Employees

Vote Smart's Synopsis:

Vote to pass a bill that reforms the retirement systems for state employees.

Highlights:
  • Requires state employees, initially enrolled on or after July 1, 2015, in positions covered by the Elected Officers’ Class or the Senior Management Service Class, to be compulsory members of the Florida Retirement System Investment Plan, unless he or she is eligible to withdraw from the plan or participate in an optional retirement program (Sec. 2).
  • Specifies that the Investment Plan is the default retirement program for the following employees (Sec. 8): 
    • A state employee who will commence his or her job on or after July 1, 2015; and 
    • A state employee who does not elect to participate in the pension plan within 8 months of the employee’s month of hire.
  • Authorizes a state employee initially enrolled in the Florida Retirement System on July 1, 2011, through June 30, 2015 to be “vested” in the Florida Retirement System Pension Plan upon completion of 8 years of credible service (Sec. 1). 
  • Authorizes a state employee initially enrolled in the Florida Retirement System on or after July, 1 2015, to be “vested” in the Florida Retirement System Pension Plan upon completion of 10 years of creditable service (Sec. 1) 
  • Defines “vested” as a guarantee that a member is eligible to receive a future retirement benefit upon completion of the required years of creditable service for the employee’s class of membership (Sec. 1).
  • Specifies that the following members of the Pension or the Investment Plan initially enrolled on or after July 1, 2015, are entitled to a monthly disability benefit (Sec. 6):
    • Members who become totally and permanently disabled after completing 10 years of creditable service; and
    • Members who become totally and permanently disabled in the line of duty regardless of service.
Legislation - Introduced (House) -

Title: Reforms Retirement Systems for State Employees

Committee Sponsors

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