This bill amends several sections of the Florida Statutes concerning the Florida Retirement System Investment Plan, primarily updating fiduciary standards and responsibilities to align with new federal regulations, specifically referencing 29 C.F.R. s. 2550.404a-5(d)(4)(i) and 29 C.F.R. s. 2550.404a-5(d)(4). These updates aim to assist employers and the state board in maintaining compliance with federal law while minimizing costs and protecting member benefits. The bill also revises the timeframe for third-party administrators to cancel financial instruments and stipulates that amounts transferred to a suspense account will be forfeited after a specified period unless a proper application is submitted. Additionally, the bill introduces provisions related to disability retirement benefits and survivor benefits, mandating that members receiving disability benefits must be compulsory members of the investment plan. It outlines the process for transferring account balances to the Florida Retirement System Trust Fund and specifies the calculation and distribution of benefits, particularly for justices and judges. The bill allows the State Board of Administration to invest up to 5% of any fund in compliant investments, requires an annual report on these investments, and permits the board to issue securities and borrow money under certain conditions. The act is set to take effect on July 1, 2025.

Statutes affected:
S 590 Filed: 121.4501, 121.591, 215.47