House Bill 4063 amends the West Palm Beach Police Pension Fund regulations, introducing significant updates to definitions and provisions that govern the fund's operations. Key changes include revised definitions for "actuarial equivalent value," "beneficiary," and "final average salary," with adjustments to the interest rate used for actuarial calculations and the exclusion of certain overtime payments from the definition of "salary." The bill also establishes new requirements for physical examinations for new members, clarifies the process for restoring forfeited service upon re-employment, and modifies retirement age and service requirements. Notably, it sets a new benefit accrual rate for retirements after October 1, 2026, and updates pension calculation methods based on years of service.

Additionally, the bill addresses the distribution of benefits for deceased members, ensuring that surviving family members receive specified pension amounts, and introduces new rules for the designation and change of beneficiaries. It mandates that the Board of Trustees report holdings in scrutinized companies and divest accordingly, while also revising the appeal process for denied pension benefits. The legislation clarifies distribution requirements in line with IRS regulations and modifies rules for purchasing prior service, ensuring compliance with federal standards. Overall, these amendments aim to enhance the structure, clarity, and sustainability of the West Palm Beach Police Pension Fund while providing clearer guidelines for members and beneficiaries.