Florida Senate - 2011 PROPOSED COMMITTEE SUBSTITUTE
Bill No. SB 1128
Barcode 172428
585-02296-11
Proposed Committee Substitute by the Committee on Governmental
Oversight and Accountability
1 A bill to be entitled
2 An act relating to public retirement plans; amending
3 s. 112.66, F.S.; providing for the calculation of
4 local government retirement benefits after a certain
5 date; providing a prohibition on the use of plan
6 revenues; prohibiting a reduction in certain
7 contributions to a plan; requiring a plan to provide
8 disability benefits on or after a certain date;
9 providing a death benefit for the spouse and minor
10 children of a member who is a firefighter, police
11 officer, or correctional officer hired on or after a
12 certain date who is killed in the line of duty;
13 amending s. 121.051, F.S.; providing that a plan is
14 eligible for participation in the Florida Retirement
15 System if it has no unfunded actuarial liabilities;
16 amending s. 175.032, F.S.; revising the definition of
17 the term “compensation” or “salary” for purposes of
18 firefighters’ pensions; amending s. 175.351, F.S.;
19 revising provisions relating to benefits paid from the
20 premium tax by a municipality or special fire control
21 district that has its own pension plan; conforming a
22 cross-reference; amending s. 185.02, F.S.; revising
23 the definition of the terms “compensation” or “salary”
24 for purposes of police officers’ pensions; amending s.
25 185.35, F.S.; revising provisions relating to benefits
26 paid by a municipality that has its own pension plan;
27 directing the Department of Financial Services to rate
28 the financial strength of local government defined
29 benefit plans; specifying the factors for assigning
30 the ratings; requiring local pension boards, local
31 governments, the Division of Retirement, and all
32 relevant entities to cooperate in providing data for
33 the ratings; requiring the ratings to be posted on the
34 department’s website; creating the Task Force on
35 Public Employee Disability Presumptions; providing for
36 appointment and membership; specifying the issues for
37 the task force to address; providing for a report to
38 be submitted to the Governor, Chief Financial Officer,
39 and Legislature by a certain date; providing for
40 future expiration; directing the Department of
41 Financial Services to submit a report on the financial
42 health of local government pension plans to the
43 Governor and Legislature by a certain date; specifying
44 the issues the report must address; providing a
45 declaration of important state interest; providing an
46 effective date.
47
48 Be It Enacted by the Legislature of the State of Florida:
49
50 Section 1. Subsections (11) through (15) are added to
51 section 112.66, Florida Statutes, to read:
52 112.66 General provisions.—The following general provisions
53 relating to the operation and administration of any retirement
54 system or plan covered by this part shall be applicable:
55 (11) Effective July 1, 2011, for purposes of calculating
56 retirement benefits, a pension system or plan sponsored by a
57 local government may not include any overtime in excess of 300
58 hours per year, or any payments for accrued sick leave or annual
59 leave. For those members whose terms and conditions of
60 employment are collectively bargained, this subsection is
61 effective for the first agreement negotiated on or after July 1,
62 2011. This subsection does not apply to state-administered
63 retirement systems or plans.
64 (12) An actuarial or cash surplus in any system or plan may
65 not be used for any expenses outside the plan.
66 (13) A plan or system may not temporarily reduce
67 contributions required to fund normal cost.
68 (14) For each member hired on or after July 1, 2011, the
69 local government shall provide a disability retirement benefit
70 that meets the following minimum standards:
71 (a) A member who becomes totally and permanently disabled,
72 as defined in s. 121.091(4)(b), after completing a specified
73 amount of service as determined by the local government, is
74 entitled to a monthly disability benefit.
75 (b) The local government must specify what constitutes
76 permanent and total disability, how to determine proof of
77 disability, provisions related to recovery from disability, and
78 other necessary components of a disability retirement program.
79 (15) For each member who is a firefighter, police officer,
80 or correctional officer hired on or after July 1, 2011, the
81 local government shall provide a death benefit entitlement and
82 payments that meet the following minimum standards:
83 (a) The surviving spouse of a member killed in the line of
84 duty may receive a monthly pension equal to one-half of the
85 monthly salary being received by the member at the time of death
86 for the remainder of the surviving spouse’s life.
87 (b) If the surviving spouse of a member killed in the line
88 of duty dies, the monthly payments that would have been payable
89 to the surviving spouse had such surviving spouse lived shall be
90 paid for the use and benefit of the member’s children under 18
91 years of age and unmarried until the 18th birthday of the
92 member’s youngest unmarried child.
93 (c) If a member killed in the line of duty leaves no
94 surviving spouse but is survived by children under 18 years of
95 age, the benefits normally payable to a surviving spouse shall
96 be paid for the use and benefit of the member’s children under
97 18 years of age and unmarried until the 18th birthday of the
98 member’s youngest unmarried child.
99
100 This subsection does not abrogate other applicable provisions of
101 state or federal law providing death benefits.
102 Section 2. Paragraph (g) is added to subsection (2) of
103 section 121.051, Florida Statutes, to read:
104 121.051 Participation in the system.—
105 (2) OPTIONAL PARTICIPATION.—
106 (g) A local government retirement system or plan, including
107 a firefighters’ pension plan or a municipal police officers’
108 retirement plan established in accordance with chapter 175 or
109 chapter 185, is eligible for membership under this chapter if
110 the plan has no unfunded actuarial liabilities.
111 Section 3. Subsection (3) of section 175.032, Florida
112 Statutes, is amended to read:
113 175.032 Definitions.—For any municipality, special fire
114 control district, chapter plan, local law municipality, local
115 law special fire control district, or local law plan under this
116 chapter, the following words and phrases have the following
117 meanings:
118 (3) “Compensation” or “salary” means, for noncollectively
119 bargained service earned before July 1, 2011, or for service
120 earned under collective bargaining agreements in place before
121 July 1, 2011, the fixed monthly remuneration paid a firefighter.
122 If; where, as in the case of a volunteer firefighter,
123 remuneration is based on actual services rendered, as in the
124 case of a volunteer firefighter, the term means the total cash
125 remuneration received yearly for such services, prorated on a
126 monthly basis. For noncollectively bargained service earned on
127 or after July 1, 2011, or for service earned under collective
128 baraining agreements entered into on or after July 1, 2011, the
129 term has the same meaning except that overtime compensation in
130 excess of 300 hours per year, or payments for accrued sick or
131 annual leave, may not be included for purposes of calculating
132 retirement benefits.
133 (a) A retirement trust fund or plan may use a definition of
134 salary other than the definition in this subsection but only if
135 the monthly retirement income payable to each firefighter
136 covered by the retirement trust fund or plan, as determined
137 under s. 175.162(2)(a) and using such other definition, equals
138 or exceeds the monthly retirement income that would be payable
139 to each firefighter if his or her monthly retirement income were
140 determined under s. 175.162(2)(a) and using the definition in
141 this subsection.
142 (a)(b) Any retirement trust fund or plan that which now or
143 hereafter meets the requirements of this chapter does shall not,
144 solely by virtue of this subsection, reduce or diminish the
145 monthly retirement income otherwise payable to each firefighter
146 covered by the retirement trust fund or plan.
147 (b)(c) The member’s compensation or salary contributed as
148 employee-elective salary reductions or deferrals to any salary
149 reduction, deferred compensation, or tax-sheltered annuity
150 program authorized under the Internal Revenue Code shall be
151 deemed to be the compensation or salary the member would receive
152 if he or she were not participating in such program and shall be
153 treated as compensation for retirement purposes under this
154 chapter.
155 (c)(d) For any person who first becomes a member in any
156 plan year beginning on or after January 1, 1996, compensation
157 for that any plan year may shall not include any amounts in
158 excess of the Internal Revenue Code s. 401(a)(17) limitation,
159 (as amended by the Omnibus Budget Reconciliation Act of 1993),
160 which limitation of $150,000 shall be adjusted as required by
161 federal law for qualified government plans and shall be further
162 adjusted for changes in the cost of living in the manner
163 provided by Internal Revenue Code s. 401(a)(17)(B). For any
164 person who first became a member before prior to the first plan
165 year beginning on or after January 1, 1996, the limitation on
166 compensation may shall be not be less than the maximum
167 compensation amount that was allowed to be taken into account
168 under the plan as in effect on July 1, 1993, which limitation
169 shall be adjusted for changes in the cost of living since 1989
170 in the manner provided by Internal Revenue Code s.
171 401(a)(17)(1991).
172 Section 4. Section 175.351, Florida Statutes, is amended to
173 read:
174 175.351 Municipalities and special fire control districts
175 having their own pension plans for firefighters.—For any
176 municipality, special fire control district, local law
177 municipality, local law special fire control district, or local
178 law plan under this chapter, in order for municipalities and
179 special fire control districts with their own pension plans for
180 firefighters, or for firefighters and police officers if, where
181 included, to participate in the distribution of the tax fund
182 established pursuant to s. 175.101, local law plans must meet
183 the minimum benefits and minimum standards set forth in this
184 chapter.
185 (1) PREMIUM TAX INCOME.—If a municipality or special fire
186 control district has a pension plan for firefighters, or a
187 pension plan for firefighters and police officers if, where
188 included, which in the opinion of the division meets the minimum
189 benefits and minimum standards set forth in this chapter, all
190 premium tax revenues received by the municipality or special
191 fire control district in excess of the adjusted base amount and
192 all accumulated excess premium tax revenues held in reserve may
193 be used only once to pay the unfunded actuarial accrued
194 liabilities of the plan. If the aggregate level cost method is
195 the actuarial cost method used to fund the plan, the unfunded
196 actuarial accrued liabilities shall be measured using the entry
197 age normal cost method. After a one-time application of the
198 excess premium tax revenues to the unfunded actuarial accrued
199 liabilities, the board of trustees of the pension plan, as
200 approved by a majority of firefighters, or firefighters and
201 police officers, of the municipality or fire control district,
202 may:
203 (a) Place the income from the premium tax in s. 175.101 in
204 such pension plan for the sole and exclusive use of its
205 firefighters, or for firefighters and police officers if, where
206 included, where it shall become an integral part of that pension
207 plan and shall be used to pay extra benefits to the
208 firefighters, or firefighters and police officers, included in
209 that pension plan; or
210 (b) Place the income from the premium tax in s. 175.101 in
211 a separate supplemental plan to pay extra benefits to
212 firefighters, or to firefighters and police officers if where
213 included, participating in such separate supplemental plan.
214 (2) The premium tax provided by this chapter shall in all
215 cases be used in its entirety to provide retirement extra
216 benefits to firefighters, or to firefighters and police officers
217 if, where included. However, local law plans in effect on
218 October 1, 1998, must shall be required to comply with the
219 minimum benefit provisions of this chapter only to the extent
220 that additional premium tax revenues become available to
221 incrementally fund the cost of such compliance as provided in s.
222 175.162(2)(a). If When a plan is in compliance with such minimum
223 benefit provisions, as subsequent additional premium tax
224 revenues become available, they must shall be used to provide
225 extra benefits, except as provided in subsection (1). For the
226 purpose of this chapter, “additional premium tax revenues” means
227 revenues received by a municipality or special fire control
228 district pursuant to s. 175.121 which exceed that amount
229 received for calendar year 1997, and the term “extra benefits”
230 means benefits in addition to or greater than those provided to
231 general employees of the municipality and in addition to those
232 in existence for firefighters on March 12, 1999. Local law plans
233 created by special act before May 23, 1939, shall be deemed to
234 comply with this chapter.
235 (3)(2) A ADOPTION OR REVISION OF A LOCAL LAW PLAN.—No
236 retirement plan or amendment to a retirement plan may not shall
237 be proposed for adoption unless the proposed plan or amendment
238 contains an actuarial estimate of the costs involved. No Such
239 proposed plan or proposed plan change may not shall be adopted
240 without the approval of the municipality, special fire control
241 district, or, where permitted, the Legislature. Copies of the
242 proposed plan or proposed plan change and the actuarial impact
243 statement of the proposed plan or proposed plan change shall be
244 furnished to the division before prior to the last public
245 hearing thereon. Such statement must shall also indicate whether
246 the proposed plan or proposed plan change is in compliance with
247 s. 14, Art. X of the State Constitution and those provisions of
248 part VII of chapter 112 which are not expressly provided in this
249 chapter. Notwithstanding any other provision, only those local
250 law plans created by special act of legislation before prior to
251 May 23, 1939, are shall be deemed to meet the minimum benefits
252 and minimum standards only in this chapter.
253 (4)(3) Notwithstanding any other provision, with respect to
254 any supplemental plan municipality:
255 (a) Section 175.032(3)(a) shall not apply, and A local law
256 plan and a supplemental plan may continue to use their
257 definition of compensation or salary in existence on the
258 effective date of this act.
259 (b) Section 175.061(1)(b) does shall not apply, and a local
260 law plan and a supplemental plan shall continue to be
261 administered by a board or boards of trustees numbered,
262 constituted, and selected as the board or boards were numbered,
263 constituted, and selected on December 1, 2000.
264 (c) The election set forth in paragraph (1)(b) is shall be
265 deemed to have been made.
266 (5)(4) The retirement plan setting forth the benefits and
267 the trust agreement, if any, covering the duties and
268 responsibilities of the trustees and the regulations of the
269 investment of funds must be in writing, and copies thereof must
270 be made available to the participants and to the general public.
271 Section 5. Subsection (4) of section 185.02, Florida
272 Statutes, is amended to read:
273 185.02 Definitions.—For any municipality, chapter plan,
274 local law municipality, or local law plan under this chapter,
275 the following words and phrases as used in this chapter shall
276 have the following meanings, unless a different meaning is
277 plainly required by the context:
278 (4) “Compensation” or “salary” means, for noncollectively
279 bargained service earned before July 1, 2011, or for service
280 earned under collective bargaining agreements in place before
281 July 1, 2011, the total cash remuneration including “overtime”
282 paid by the primary employer to a police officer for services
283 rendered, but not including any payments for extra duty or a
284 special detail work performed on behalf of a second party
285 employer. However, A local law plan may limit the amount of
286 overtime payments which can be used for retirement benefit
287 calculation purposes; however, but in no event shall such
288 overtime limit may not be less than 300 hours per officer per
289 calendar year. For noncollectively bargained service earned on
290 or after July 1, 2011, or for service earned under collective
291 bargaining agreements entered into on or after July 1, 2011, the
292 term has the same meaning except that overtime compensation in
293 excess of 300 hours per year, or payments for accrued sick or
294 annual leave, may not be included for purposes of calculating
295 retirement benefits.
296 (a) Any retirement trust fund or plan that which now or
297 hereafter meets the requirements of this chapter does shall not,
298 solely by virtue of this subsection, reduce or diminish the
299 monthly retirement income otherwise payable to each police
300 officer covered by the retirement trust fund or plan.
301 (b) The member’s compensation or salary contributed as
302 employee-elective salary reductions or deferrals to any salary
303 reduction, deferred compensation, or tax-sheltered annuity
304 program authorized under the Internal Revenue Code shall be
305 deemed to be the compensation or salary the member would receive
306 if he or she were not participating in such program and shall be
307 treated as compensation for retirement purposes under this
308 chapter.
309 (c) For any person who first becomes a member in any plan
310 year beginning on or after January 1, 1996, compensation for
311 that any plan year may shall not include any amounts in excess
312 of the Internal Revenue Code s. 401(a)(17) limitation, (as
313 amended by the Omnibus Budget Reconciliation Act of 1993), which
314 limitation of $150,000 shall be adjusted as required by federal
315 law for qualified government plans and shall be further adjusted
316 for changes in the cost of living in the manner provided by
317 Internal Revenue Code s. 401(a)(17)(B). For any person who first
318 became a member before prior to the first plan year beginning on
319 or after January 1, 1996, the limitation on compensation may
320 shall be not be less than the maximum compensation amount that
321 was allowed to be taken into account under the plan as in effect
322 on July 1, 1993, which limitation shall be adjusted for changes
323 in the cost of living since 1989 in the manner provided by
324 Internal Revenue Code s. 401(a)(17)(1991).
325 Section 6. Section 185.35, Florida Statutes, is amended to
326 read:
327 185.35 Municipalities having their own pension plans for
328 police officers.—For any municipality, chapter plan, local law
329 municipality, or local law plan under this chapter, in order for
330 municipalities with their own pension plans for police officers,
331 or for police officers and firefighters if where included, to
332 participate in the distribution of the tax fund established
333 pursuant to s. 185.08, local law plans must meet the minimum
334 benefits and minimum standards set forth in this chapter:
335 (1) PREMIUM TAX INCOME.—If a municipality has a pension
336 plan for police officers, or for police officers and
337 firefighters if where included, which, in the opinion of the
338 division, meets the minimum benefits and minimum standards set
339 forth in this chapter, all premium tax revenues received by the
340 municipality in excess of the adjusted base amount and all
341 accumulated excess premium tax revenues held in reserve may be
342 used only once to pay off the unfunded actuarial accrued
343 liabilities of the plan. If the aggregate level cost method is
344 the actuarial cost method used to fund the plan, the unfunded
345 actuarial accrued liabilities shall be measured using the entry
346 age normal cost method. After a one-time application of the
347 excess premium tax revenues to the unfunded actuarial accrued
348 liabilities, the board of trustees of the pension plan, as
349 approved by a majority of police officers, or police officers
350 and firefighters, of the municipality, may:
351 (a) Place the income from the premium tax in s. 185.08 in
352 such pension plan for the sole and exclusive use of its police
353 officers, or its police officers and firefighters if where
354 included, where it shall become an integral part of that pension
355 plan and shall be used to pay extra benefits to the police
356 officers, or police officers and firefighters, included in that
357 pension plan; or
358 (b) May place the income from the premium tax in s. 185.08
359 in a separate supplemental plan to pay extra benefits to the
360 police officers, or police officers and firefighters if where
361 included, participating in such separate supplemental plan.
362 (2) The premium tax provided by this chapter shall in all
363 cases be used in its entirety to provide retirement extra
364 benefits to police officers, or to police officers and
365 firefighters if, where included. However, local law plans in
366 effect on October 1, 1998, must shall be required to comply with
367 the minimum benefit provisions of this chapter only to the
368 extent that additional premium tax revenues become available to
369 incrementally fund the cost of such compliance as provided in s.
370 185.16(2). If When a plan is in compliance with such minimum
371 benefit provisions, as subsequent additional tax revenues become
372 available, they shall be used to provide extra benefits, except
373 as provided under subsection (1). For the purpose of this
374 chapter, “additional premium tax revenues” means revenues
375 received by a municipality pursuant to s. 185.10 which exceed
376 the amount received for calendar year 1997, and the term “extra
377 benefits” means benefits in addition to or greater than those
378 provided to general employees of the municipality and in
379 addition to those in existence for police officers on March 12,
380 1999. Local law plans created by special act before May 23,
381 1939, shall be deemed to comply with this chapter.
382 (3)(2) A ADOPTION OR REVISION OF A LOCAL LAW PLAN.—No
383 retirement plan or amendment to a retirement plan may not shall
384 be proposed for adoption unless the proposed plan or amendment
385 contains an actuarial estimate of the costs involved. No Such
386 proposed plan or proposed plan change may not shall be adopted
387 without the approval of the municipality or, where permitted,
388 the Legislature. Copies of the proposed plan or proposed plan
389 change and the actuarial impact statement of the proposed plan
390 or proposed plan change shall be furnished to the division
391 before prior to the last public hearing thereon. Such statement
392 must shall also indicate whether the proposed plan or proposed
393 plan change is in compliance with s. 14, Art. X of the State
394 Constitution and those provisions of part VII of chapter 112
395 which are not expressly provided in this chapter.
396 Notwithstanding any other provision, only those local law plans
397 created by special act of legislation before prior to May 23,
398 1939, are shall be deemed to meet the minimum benefits and
399 minimum standards only in this chapter.
400 (4)(3) Notwithstanding any other provision, with respect to
401 any supplemental plan municipality:
402 (a) Section 185.02(4)(a) does shall not apply, and a local
403 law plan and a supplemental plan may continue to use their
404 definition of compensation or salary in existence on March 12,
405 1999 the effective date of this act.
406 (b) Section 185.05(1)(b) does shall not apply, and a local
407 law plan and a supplemental plan shall continue to be
408 administered by a board or boards of trustees numbered,
409 constituted, and selected as the board or boards were numbered,
410 constituted, and selected on December 1, 2000.
411 (c) The election set forth in paragraph (1)(b) is shall be
412 deemed to have been made.
413 (5)(4) The retirement plan setting forth the benefits and
414 the trust agreement, if any, covering the duties and
415 responsibilities of the trustees and the regulations of the
416 investment of funds must be in writing and copies made available
417 to the participants and to the general public.
418 Section 7. Financial rating of local pension plans.—The
419 Department of Financial Services shall develop standardized
420 ratings for classifying the financial strength of all local
421 government defined benefit pension plans.
422 (1) In assigning a rating to a plan, the department shall
423 consider, without limitation:
424 (a) The plan’s current and future unfunded liabilities.
425 (b) The plan’s net asset value, managed returns, and funded
426 ratio.
427 (c) Metrics related to the sustainability of the plan,
428 including, but not limited to, the percentage that the annual
429 contribution is of the participating employee payroll.
430 (d) Municipal bond ratings for the local government, if
431 applicable.
432 (e) Whether the local government has reduced contribution
433 rates to the plan when the plan has an actuarial surplus.
434 (f) Whether the local government uses any actuarial surplus
435 in the plan for obligations outside the plan.
436 (2) The department may obtain all necessary data to
437 formulate the ratings from all relevant entities, including
438 local pension boards, local governments, and the Division of
439 Retirement, all of which shall cooperate with the department in
440 supplying all necessary information.
441 (3) The ratings shall be posted on the department’s website
442 in a standardized format.
443 Section 8. Task Force on Public Employee Disability
444 Presumptions.—
445 (1) The Task Force on Public Employee Disability
446 Presumptions is created for the purpose of developing findings
447 and issuing recommendations on the disability presumptions in
448 ss. 112.18, 175.231, and 185.34, Florida Statutes.
449 (2) All members of the task force shall be appointed on or
450 before July 15, 2011, and the task force shall hold its first
451 meeting on or before August 15, 2011. The task force shall be
452 composed of nine members as follows:
453 (a) Three members appointed by the President of the Senate,
454 one of whom must be an attorney in private practice who has
455 experience in the relevant laws; one of whom must be a
456 representative of organized labor; and one of whom must be from
457 the Florida Association of Counties.
458 (b) Three members appointed by the Speaker of the House of
459 Representatives, one of whom must be an attorney in private
460 practice who has experience in the relevant laws; one of whom
461 must be a representative of organized labor; and one of whom
462 must be from the Florida League of Cities.
463 (c) A member employed by the Office of the Auditor General
464 who has experience in local government auditing and finances.
465 (d) A member employed by the Division of Retirement of the
466 Department of Management Services who has experience in local
467 government pension plans, appointed by the Governor.
468 (e) A member employed by the Department of Financial
469 Services who has relevant expertise in state risk management,
470 appointed by the Chief Financial Officer.
471 (3) The task force shall address issues, including, but not
472 limited to:
473 (a) Data related to the operation of the statutory
474 disability presumptions.
475 (b) The manner in which other states handle disability
476 presumptions.
477 (c) Proposals for changes to the existing disability
478 presumptions.
479 (4) The Department of Financial Services shall provide
480 administrative support to the task force.
481 (5) Members of the task force shall serve without
482 compensation while in the performance of their duties, but are
483 entitled to reimbursement for per diem and travel expenses in
484 accordance with s. 112.061, Florida Statutes.
485 (6) The task force may obtain data, information, and
486 assistance from any officer or state agency and any political
487 subdivision thereof. All such officers, agencies, and political
488 subdivisions shall provide the task force with all relevant
489 information and assistance on any matter within their knowledge
490 or control.
491 (7) The task force shall submit a report, including
492 findings and recommendations, to the Governor, the Chief
493 Financial Officer, the President of the Senate, and the Speaker
494 of the House of Representatives by January 1, 2012. The report
495 must include specific recommendations for legislative action
496 during the 2012 Regular Session of the Legislature.
497 (8) The task force is dissolved upon submission of its
498 report.
499 Section 9. By December 1, 2011, the Department of Financial
500 Services shall submit a report and recommendations to the
501 Governor, the President of the Senate, and the Speaker of the
502 House of Representatives on actions to be taken to increase the
503 visibility and transparency of local government pension plans,
504 including, but not limited to, those created pursuant to chapter
505 175 or chapter 185, Florida Statutes, with the goal of
506 increasing the ability of a taxpayer or policymaker to assess
507 the financial health of the local plans. The report must include
508 specific recommendations for legislative action during the 2012
509 Regular Session of the Legislature. The department shall consult
510 with the Legislature’s Office of Economic and Demographic
511 Research in formulating the recommendations, which must address,
512 but need not be limited to:
513 (1) Whether and what kinds of local pension plan data
514 should be included in the financial audit reports required under
515 s. 218.39, Florida Statutes.
516 (2) Whether the reporting requirements of ss. 175.261 and
517 185.221, Florida Statutes, should be supplemented with other
518 types of financial data in order to give a more complete and
519 transparent picture of a local government’s financial solvency.
520 (3) Proposals for a uniform format for providing pension
521 data, including standard terminology and data and the specific
522 types of data which should be provided, including funding
523 ratios, and whether contributions are sufficient to fund
524 actuarial liabilities.
525 (4) Whether to require local governments to provide pension
526 financial data on local public websites.
527 (5) Other related issues, including insurance benefits,
528 health care benefits, and postemployment plan benefits.
529 (6) Proposals related to the composition of local pension
530 plan boards.
531 Section 10. The Legislature finds that a proper and
532 legitimate state purpose is served when employees and retirees
533 of the state and of its political subdivisions, and the
534 dependents, survivors, and beneficiaries of those employees and
535 retirees, are extended the basic protections afforded by
536 governmental retirement systems that provide fair and adequate
537 benefits and that are managed, administered, and funded in an
538 actuarially sound manner as required by s. 14, Article X of the
539 State Constitution and part VII of chapter 112, Florida
540 Statutes. Therefore, the Legislature determines and declares
541 that this act fulfills an important state interest.
542 Section 11. This act shall take effect July 1, 2011.