This bill amends several sections of the Florida Statutes concerning the Florida Retirement System Investment Plan, with a focus on fiduciary standards, the cancellation of financial instruments, and investment limitations. It updates references to federal regulations regarding fiduciary responsibilities in line with U.S. Department of Labor guidelines. The bill changes the deadline for third-party administrators to cancel financial instruments from the last day of the month of issuance to 180 days after issuance and establishes that amounts in a suspense account will be forfeited after 10 years if unclaimed. Additionally, it allows the State Board of Administration to invest a specified percentage in compliant investments and requires the filing of a report with the Investment Advisory Council and the Legislature.

The bill also revises provisions related to disability retirement and survivor benefits under the Florida Retirement System Investment Plan. It mandates that recipients of disability retirement benefits must be compulsory members of the investment plan and outlines the process for calculating the net difference between the original account balance and total disability benefits paid. New provisions are introduced for line-of-duty death benefits, ensuring benefits are payable to the spouse and children of members killed in the line of duty, and it specifies the transfer of accumulated funds to a survivor benefit account. The act is set to take effect on July 1, 2025.

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