The bill CS/HB 4045 authorizes the City of Tampa to enter into a supplemental contract with active firefighters and police officers who are members of the City Pension Fund for Firefighters and Police Officers. A significant change includes increasing participation in the Deferred Retirement Option Program (DROP) from 5 years to 8 years. The bill also removes outdated provisions regarding salary calculations and employee contributions, while introducing new definitions for terms such as "employee," "surviving spouse," and "earnings." It establishes a special fund for the pension, updates funding requirements to ensure financial sustainability, and clarifies the structure and responsibilities of the Board of Trustees overseeing the pension fund.

Additionally, the bill modifies various aspects of the pension system, including the calculation of benefits for surviving spouses and children of deceased members, and establishes mandatory membership in the Fund as a condition of employment. It introduces a Medical Board for overseeing medical examinations related to disability and retirement, and outlines the return of member contributions upon severance from service. The bill also emphasizes compliance with federal tax regulations and streamlines the administration of the pension fund, ensuring that the changes will take effect upon becoming law, with specific amendments set to take effect on October 1, 2025.