The bill CS/HB 4045 authorizes the City of Tampa to extend the participation of active firefighters and police officers in the Deferred Retirement Option Program (DROP) from 5 years to 8 years. It also removes outdated provisions regarding contribution rates and salary calculations, while updating terminology throughout the legislation. A significant amendment includes the establishment of the Tampa Fire & Police Pension Fund, which mandates that annual contributions must cover normal costs and any unfunded past service costs over a 30-year period, as determined by actuarial reports. The bill also clarifies membership eligibility requirements and introduces a new governance structure for the pension fund, including a Board of Trustees composed of nine members.

Additionally, the bill enhances pension benefits for surviving spouses and children of deceased members, replacing the term "widow or widower" with "surviving spouse" and allowing for the designation of multiple beneficiaries. It establishes a minimum service requirement of ten years for pension eligibility and outlines specific benefits for surviving spouses and children. The bill also introduces a 13th Check Program for supplemental pension distributions and clarifies the handling of DROP benefits, ensuring compliance with state laws and federal tax regulations. Overall, the amendments aim to improve the financial security and clarity of the pension system for firefighters and police officers in Tampa.