House Bill 4065 amends the West Palm Beach Firefighters Pension Fund by revising various operational provisions, member contributions, and benefits. Key changes include the introduction of new definitions, such as "actuarial equivalent value," which incorporates a mortality table for calculations, and the removal of certain duties previously assigned to the board secretary. The bill updates the calculation of members' final average salary, adjusts the powers of the Board of Trustees, and revises revenue sources for the fund, particularly regarding chapter 175 funds. It also establishes new eligibility procedures, including a physical examination requirement for new members, and introduces provisions for military service treatment, disability pensions, and beneficiary benefits.

Additionally, the bill sets member contributions at 13.1 percent effective October 1, 2018, with excess amounts allocated for postretirement health insurance eligibility. It modifies retirement benefits by increasing the accrual factor from 3 percent to 3.2 percent and introduces early retirement options. The bill also outlines the management of individual member accounts, allowing for periodic partial lump-sum withdrawals and establishing criteria for the Deferred Retirement Option Plan (DROP). Furthermore, it clarifies the appeal process for denied pension benefits and updates the maximum annual benefit limit from $160,000 to $280,000 for 2025, ensuring compliance with federal regulations. Overall, HB 4065 aims to enhance the pension fund's management and sustainability while providing fair benefits to firefighters.