Bill Summary

by Hill Co Sponsors: Beshears, Fant, Latvala, O'Toole, Pilon

Death Benefits Under the Florida Retirement System: Authorizes payment of death benefits to surviving spouse or children of Special Risk Class member killed in line of duty; specifies eligibility; authorizes payment of death benefits to surviving spouse or children of Special Risk Class member in investment plan; establishes qualifications & eligibility requirements; prescribes method of calculating benefit; specifies circumstances under which benefit payments are terminated; requires State Board of Administration or Division of Retirement to take certain action upon receipt of notification of disqualification from IRS; provides for allocations for death benefits authorized by act; requires State Board of Administration to transfer moneys to fund survivor benefit payments; adjusts employer contribution rates; declares that act fulfills an important state interest; provides appropriation. Effective Date: July 1, 2016

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