A.G. Gancarski
On Thursday, Florida Gov. Rick Scott signed HB 1309 into law, a measure that requires publicly funded retirement plans to use mortality tables consistent with those used by the Florida Retirement System.
The Florida Protection of Public Employee Benefits Act requires actuarial reports to be submitted every three years by the administrators of public pension plans, of which there are 491 in the state, from 249 discrete local governments.
This bill includes local police and fire pension plans, such as the one in Jacksonville approved by a 14-4 margin on Tuesday by Jacksonville City Council. That plan has a seven-year term, which would seem to contravene this requirement.
The bill, which goes into effect in January 2016, requires pension plans to comply with either of the most recent two used by the Florida Retirement System.
