The bill proposes the creation of a new section, 121.082, in the Florida Statutes, which establishes a process for employees within the Florida Retirement System to transfer years of creditable service to another employee. The Department of Management Services is tasked with adopting rules to facilitate this process, which includes several specific requirements. Employees will be eligible to transfer their service after one year of employment, participation in the transfer is voluntary, and both the transferring and receiving employees must belong to the same retirement classification. Additionally, the years of service transferred will be removed from the transferring employee's account and the transfer will be irrevocable.

Furthermore, the bill stipulates that the receiving employee will be responsible for any unfunded actuarial liability resulting from the increase in their creditable years of service. Employees who transfer their service will not be able to claim past or prior service under existing statutes, nor will they be allowed to reenroll in the Florida Retirement System after the transfer. The act is set to take effect on July 1, 2026.