H.B. No. 4873 proposes significant amendments to the retirement systems for firefighters in municipalities with populations between 950,000 and 1,050,000, focusing on governance, contributions, and benefits. The bill updates the heading of Chapter 183 to reflect the specified population range and introduces new definitions related to the retirement fund, such as "actuarial accrued liability" and "funded ratio." It modifies the composition of the board of trustees to include a member from the municipality's governing body and an appointed public member with relevant qualifications. Additionally, the bill establishes a four-year term for board members, allows for electronic elections, and mandates experience studies every five years to review actuarial assumptions.

The bill also addresses retirement benefits, introducing provisions for military service credit and establishing a Deferred Retirement Option Plan (DROP) for eligible members. It outlines annual cost-of-living adjustments for both active members and survivors of deceased firefighters, ensuring their benefits increase by one percent annually under certain conditions. Furthermore, the bill specifies contribution rates for firefighters and municipalities, mandates an initial risk-sharing valuation study, and streamlines governance processes by updating election procedures and repealing certain sections of existing law. Overall, these amendments aim to enhance the financial stability and operational transparency of the firefighters' retirement systems while ensuring compliance with legal standards.