This bill amends various sections of the Florida Statutes concerning retirement, with a particular emphasis on the Deferred Retirement Option Program (DROP) and benefits for elected officers. It allows elected officials, excluding those serving as legislators, to remain in office and access their accumulated DROP proceeds after reaching the age of 59 1/2. Upon termination, these officials will receive their DROP account balance, including interest, and will start receiving monthly retirement benefits. The bill also requires the Division of Retirement or the State Board of Administration to recover any DROP proceeds distributed to an elected officer if such distribution occurred prior to the officer's termination.

Furthermore, the bill revises cost-of-living adjustments for eligible Special Risk Class retirees and updates employer retirement contribution rates for various membership classes within the Florida Retirement System. It also modifies allocations from the Contributions Clearing Trust Fund to enhance disability coverage and line-of-duty death benefits for investment plan members. The bill introduces new legal language establishing the act as serving an important state interest under part VII of chapter 112 of the Florida Statutes, with an effective date set for July 1, 2026, when the outlined provisions will be implemented.

Statutes affected:
S 2E Filed: 121.053, 121.091, 121.73, 121.735