House Bill 529 amends various sections of the Florida Statutes concerning the Florida Retirement System Investment Plan, focusing on fiduciary standards, the management of disability retirement benefits, and investment limitations. The bill aligns state regulations with updated federal standards under the Employee Retirement Income Security Act (ERISA), ensuring that the State Board of Administration delivers prospectuses to members, with provisions for electronic delivery. It also establishes a new timeframe for the cancellation of financial instruments and the handling of amounts in suspense accounts. Additionally, the bill allows the State Board of Administration to invest a specified percentage in compliant investments and requires annual reporting on investment activities to the Investment Advisory Council and the Legislature.

The bill further addresses the management of disability retirement benefits and survivor benefits, stipulating that if a member who has received disability benefits returns to covered employment, the transferred amounts must be deposited into their individual accounts. It outlines the treatment of vested and nonvested amounts, including potential forfeiture of nonvested amounts after five years. The legislation also clarifies the calculation of disability retirement benefits for justices and judges based on their monthly compensation at retirement. Overall, these amendments aim to enhance the oversight and management of the Florida Retirement System, ensuring the protection of members' benefits while providing greater flexibility in investment strategies. The act is set to take effect on July 1, 2025.

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