The bill CS/HB 4045 authorizes the City of Tampa to enter into supplemental contracts with active firefighters and police officers, increasing participation in the Deferred Retirement Option Program (DROP) from 5 years to 8 years. It establishes a special fund known as the City Pension Fund for Firefighters and Police Officers, ensuring that annual contributions adequately cover normal costs and any unfunded past service costs over a 30-year period. The bill also revises terminology for clarity, including the replacement of "Pension Fund" with "Fund" and the term "widow or widower" with "surviving spouse." Additionally, it outlines the structure and responsibilities of the Board of Trustees, which will consist of members from both the City Administration and the Fire and Police Departments, and mandates that trustees serve without compensation.

Key amendments include the introduction of a mandatory membership clause for employees, updated provisions for disability benefits, and the establishment of a Post Retirement Adjustment Account (PRAA) for cost-of-living adjustments. The bill also clarifies the eligibility criteria for pension benefits, including provisions for surviving spouses and children of deceased members, and allows for the designation of beneficiaries. Furthermore, it streamlines the process for returning member contributions and introduces a "13th Check Program" for supplemental pension distributions. The amendments aim to enhance the pension system's integrity, compliance with federal regulations, and overall benefits for firefighters and police officers in Tampa, with the changes set to take effect on October 1, 2025.