The bill amends various sections of the Florida Statutes concerning the Florida Retirement System Investment Plan, focusing on fiduciary standards and responsibilities by incorporating updated 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). It modifies the timeframe for third-party administrators to cancel financial instruments to 180 days after the date of the instrument's issuance and establishes that amounts transferred to a suspense account are forfeited after 10 years from the date of the instrument's issuance. The bill also empowers 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. Additionally, House Bill 529 addresses the management of disability retirement benefits and survivor benefits for members of the investment plan. It stipulates that if a member who has received disability benefits returns to covered employment, the transferred amounts must be deposited into individual accounts under the investment plan. The bill outlines the handling of both vested and nonvested amounts, including potential forfeiture of nonvested amounts after five years. It also clarifies the calculation of disability retirement benefits for justices and judges based on their monthly compensation at retirement. Furthermore, the bill allows for up to 5 percent of any fund to be invested in securities and financial obligations while ensuring compliance with fiduciary standards, and mandates annual reporting on investment activities by the State Board of Administration. The act is set to take effect on July 1, 2025.

Statutes affected:
H 529 Filed: 121.4501, 121.591, 215.47