Re(1): Pending legislation reference retirees beneficiaries. IP: 173.65.195.208 Posted on April 14, 2010 at 11:56:31 PM by RoyHall
Here is the Summry.
Effect of Proposed Changes
The bill changes the reference to the election of trustees is changed from “meetings” to “elections”; and the election period is extended is increased from no more than 30 days to no more than 60 days. The board may hire more than one investment counselor. The authorized amount foreign investments increased from 10% to 25% percent as authorized by ch. 2009-97, L.O.F. Moreover, this cap cannot be revised, amended, increased, or repealed except as provided by general law.
Members who meet the following criteria may elect a spousal benefit if the retiree did not marry the spouse until after retirement. Those criterion are: retired for less than forty years as of the effective date of this act, retired or entered DROP prior to October 1, 2002, and married or remarried after the date of the member’s retirement. This benefit is only available if the spouse is not more than twenty years younger than the remarried member, the remarriage occurs at least three years prior to the member’s election, and this election is limited to two remarriages after retirement. The amount of this benefit is provided on an actuarial equivalent basis and shall not result in any additional cost to the Fund or the plan sponsor.
DROP participants may elect the investment of DROP funds at either a rate reflecting the Fund’s net investment performance, as determined by the Board of Trustees, or a rate reflecting low-risk variable rate selected annually by the Board in its discretion.
The bill authorizes the City of Tampa to enter into a supplemental contract, implementing the changes provided by the bill, with each firefighter and police officer who is an active member of the Pension Fund. The bill prohibits a member from selecting some changes and rejecting others. Any person who becomes a member after October 1, 2010, shall be required to sign a pension contract that incorporates the provisions of the bill. Replies: There have been no replies.
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