HB 4045 — City Pension Fund for Firefighters and Police Officers in the City of Tampa, Hillsborough County

F L O R I D A H O U S E O F R E P R E S E N T A T I V E S ENROLLED CS/HB 4045 2025 LegislatureA 2bill to be entitled An act relating to the City Pension Fund for Firefighters and Police Officers in the City of Tampa, Hillsborough County;

hb4045hb4045-01-c1 -01-er F L O R I D A H O U S E O F R E P R E S E N T A T I V E S ENROLLED CS/HB 4045 2025 Legislature No.

hb4045hb4045-01-c1 -01-er F L O R I D A H O U S E O F R E P R E S E N T A T I V E S ENROLLED CS/HB 4045 2025 Legislature (A) The monies and assets now deposited to the credit of and held by the City Pension Fund for Firemen and Policemen of the City of Tampa.

hb4045hb4045-01-c1 -01-er F L O R I D A H O U S E O F R E P R E S E N T A T I V E S ENROLLED CS/HB 4045 2025 Legislature (3) Where such costs are determined on a basis consistent with the requirements of actuarial soundness, and the requirements of Chapters 175 and 185 of the Florida Statutes, as they may be amended from time to time, provided that the investment yield assumed in determining such costs shall not exceed 5%.

hb4045hb4045-01-c1 -01-er F L O R I D A H O U S E O F R E P R E S E N T A T I V E S ENROLLED CS/HB 4045 2025 Legislature in (D) below, excluding contributions for the 13th check benefit;

hb4045hb4045-01-c1 -01-er F L O R I D A H O U S E O F R E P R E S E N T A T I V E S ENROLLED CS/HB 4045 2025 Legislature contributions from all sources (other than investment income) shall meet the standards set forth in Section 2(B)(1), (2), (3), and (4) after which time such contributions shall be reduced as provided for in the most recent actuarial report received from time to time.

hb4045hb4045-01-c1 -01-er F L O R I D A H O U S E O F R E P R E S E N T A T I V E S ENROLLED CS/HB 4045 2025 Legislature Next 1,000 10% Next 1,000 11% Next 1,000 12% Next 2,500 15% Excess over $12,500 25% If the City's rate of contribution, pursuant to Section 2(B), should exceed forty per centum (40%), the employee contribution scale above shall be increased in the ratio of the City's contribution rate, pursuant to Section 2(B), to 40 percent.

hb4045hb4045-01-c1 -01-er F L O R I D A H O U S E O F R E P R E S E N T A T I V E S ENROLLED CS/HB 4045 2025 Legislature contributed amounts directly instead of having such contributions paid by the City to the Fund.

hb4045hb4045-01-c1 -01-er F L O R I D A H O U S E O F R E P R E S E N T A T I V E S ENROLLED CS/HB 4045 2025 Legislature firefighter's or police officer's social security contribution, and the City shall pay to the Fund the amount by which such employee's contribution is reduced by the end of the calendar quarter.

hb4045hb4045-01-c1 -01-er F L O R I D A H O U S E O F R E P R E S E N T A T I V E S ENROLLED CS/HB 4045 2025 Legislature below).

hb4045hb4045-01-c1 -01-er F L O R I D A H O U S E O F R E P R E S E N T A T I V E S ENROLLED CS/HB 4045 2025 Legislature salary for those firefighters and police officers receiving the special payments, plus, to the extent applicable, (ii) the rate specified under Section 3111(a) of the Code:

hb4045hb4045-01-c1 -01-er F L O R I D A H O U S E O F R E P R E S E N T A T I V E S ENROLLED CS/HB 4045 2025 Legislature contributions that otherwise would have been paid pursuant to Section 2 of pension contract, plus interest at the rate of ten percent (10%) per annum.

hb4045hb4045-01-c1 -01-er F L O R I D A H O U S E O F R E P R E S E N T A T I V E S ENROLLED CS/HB 4045 2025 Legislature Department at the time of such member's death.

hb4045hb4045-01-c1 -01-er F L O R I D A H O U S E O F R E P R E S E N T A T I V E S ENROLLED CS/HB 4045 2025 Legislature per centum (2%) of the average earnings the year before, and in any year in which the same shall be required by Chapters 175 and 185, Fla.

hb4045hb4045-01-c1 -01-er F L O R I D A H O U S E O F R E P R E S E N T A T I V E S ENROLLED CS/HB 4045 2025 Legislature (K) The term "joint annuitant" shall mean the person designated by the employee to participate with the employee in one of the optional forms of benefits.

hb4045hb4045-01-c1 -01-er F L O R I D A H O U S E O F R E P R E S E N T A T I V E S ENROLLED CS/HB 4045 2025 Legislature the individual's risk factors, medical History and physical examination;

hb4045hb4045-01-c1 -01-er F L O R I D A H O U S E O F R E P R E S E N T A T I V E S ENROLLED CS/HB 4045 2025 Legislature also undergo a medical examination by the medical board at the expense of the Board of Trustees for purposes of establishing baseline medical conditions for reviewing any future claims for disability benefits.

hb4045hb4045-01-c1 -01-er F L O R I D A H O U S E O F R E P R E S E N T A T I V E S ENROLLED CS/HB 4045 2025 Legislature approving and authorizing this contract shall become a law.

hb4045hb4045-01-c1 -01-er F L O R I D A H O U S E O F R E P R E S E N T A T I V E S ENROLLED CS/HB 4045 2025 Legislature (D)(E) The trustees shall serve without compensation, but they may be reimbursed from the expense fund for all necessary expenses which they may actually expend through services on the Board.

hb4045hb4045-01-c1 -01-er F L O R I D A H O U S E O F R E P R E S E N T A T I V E S ENROLLED CS/HB 4045 2025 Legislature It shall engage such actuarial and other services as shall be required to transact the business of the pension system.

hb4045hb4045-01-c1 -01-er F L O R I D A H O U S E O F R E P R E S E N T A T I V E S ENROLLED CS/HB 4045 2025 Legislature (1) That the Board shall retain the services of one or more nationally recognized professional investment counselors.

hb4045hb4045-01-c1 -01-er F L O R I D A H O U S E O F R E P R E S E N T A T I V E S ENROLLED CS/HB 4045 2025 Legislature then prevailing which men of ordinary prudence, discretion, and intelligence exercise in the management of their own affairs, not in regard to speculation but in regard to the permanent disposition of their funds, considering the probable income therefrom as well as probable safety of their capital;

hb4045hb4045-01-c1 -01-er F L O R I D A H O U S E O F R E P R E S E N T A T I V E S ENROLLED CS/HB 4045 2025 Legislature percent of the member's average earnings for the three (3) highest years within the last 10 years of service for a period of ten (10) years certain and life.

hb4045hb4045-01-c1 -01-er F L O R I D A H O U S E O F R E P R E S E N T A T I V E S ENROLLED CS/HB 4045 2025 Legislature police officer in the City of Tampa on or after October 1, 2003, or a member of the Fund on or after October 1, 2003, and, prior to October 16, 1992, was a participant of Division B of the General Employees Pension Plan as established by chapter 81-497, Laws of Florida, as amended, shall receive benefits from this Pension Fund at the rate of 3.15 percent of average earnings for each year of service in this Pension Fund, provided however, the 3.15 percent accrual shall not apply to any service while the member was a participant of Division B of the General Employees Pension Plan;

hb4045hb4045-01-c1 -01-er F L O R I D A H O U S E O F R E P R E S E N T A T I V E S ENROLLED CS/HB 4045 2025 Legislature rules adopted by the Board.

hb4045hb4045-01-c1 -01-er F L O R I D A H O U S E O F R E P R E S E N T A T I V E S ENROLLED CS/HB 4045 2025 Legislature security retirement age.

hb4045hb4045-01-c1 -01-er F L O R I D A H O U S E O F R E P R E S E N T A T I V E S ENROLLED CS/HB 4045 2025 Legislature normal retirement.

hb4045hb4045-01-c1 -01-er F L O R I D A H O U S E O F R E P R E S E N T A T I V E S ENROLLED CS/HB 4045 2025 Legislature (D) Notwithstanding the foregoing, any member of this Pension Fund having an aggregate of 20 years of credited service as a firefighter or police officer in said departments either in this Pension Fund or Division B of the General Employees Pension Plan, or a combination thereof, may elect to enter into the Deferred Retirement Option Program (DROP), or, if the member separates from the service as a firefighter or police officer, may elect to commence immediate receipt of benefits regardless of age.

hb4045hb4045-01-c1 -01-er F L O R I D A H O U S E O F R E P R E S E N T A T I V E S ENROLLED CS/HB 4045 2025 Legislature (3) Such other amount and form of pension as, in the opinion of the Board, will best meet the circumstances of the retiring member.

hb4045hb4045-01-c1 -01-er F L O R I D A H O U S E O F R E P R E S E N T A T I V E S ENROLLED CS/HB 4045 2025 Legislature into account the age and sex of the former joint annuitant, the new joint annuitant, and the member.

hb4045hb4045-01-c1 -01-er F L O R I D A H O U S E O F R E P R E S E N T A T I V E S ENROLLED CS/HB 4045 2025 Legislature payments for a period certain and life thereafter, the Board may, in its discretion, direct that the commuted value of the remaining payments be paid in a lump sum to the member's estate;

hb4045hb4045-01-c1 -01-er F L O R I D A H O U S E O F R E P R E S E N T A T I V E S ENROLLED CS/HB 4045 2025 Legislature applicable provision in Section 8 (8)(A)-(E) or Section 9(A)-(D).

hb4045hb4045-01-c1 -01-er F L O R I D A H O U S E O F R E P R E S E N T A T I V E S ENROLLED CS/HB 4045 2025 Legislature to the immediately preceding cost-of-living adjustment paid pursuant to Section 23 of this contract.

hb4045hb4045-01-c1 -01-er F L O R I D A H O U S E O F R E P R E S E N T A T I V E S ENROLLED CS/HB 4045 2025 Legislature shall leave a surviving spouse widow or widower, or child or children under the age of eighteen (18) years, or age twenty- three (23) if a full-time student, the Board shall authorize and direct payment of a pension to the surviving spouse widow or widower and/or child or children, but only in the following amounts and on the following conditions:

hb4045hb4045-01-c1 -01-er F L O R I D A H O U S E O F R E P R E S E N T A T I V E S ENROLLED CS/HB 4045 2025 Legislature creditable service under this Fund;

hb4045hb4045-01-c1 -01-er F L O R I D A H O U S E O F R E P R E S E N T A T I V E S ENROLLED CS/HB 4045 2025 Legislature fifteen per centum (15%) per child shall be adjusted in the event of more than two (2) children.

hb4045hb4045-01-c1 -01-er F L O R I D A H O U S E O F R E P R E S E N T A T I V E S ENROLLED CS/HB 4045 2025 Legislature member's designated beneficiary shall be entitled to the benefits otherwise payable to the member at normal retirement age for ten (10) years certain.

hb4045hb4045-01-c1 -01-er F L O R I D A H O U S E O F R E P R E S E N T A T I V E S ENROLLED CS/HB 4045 2025 Legislature Contract, the benefit paid to the widow or widower shall be reduced by an amount equal to the actual social security benefit earned by the member for employment as a firefighter or police officer for the City to the extent that such employment is considered to be creditable service under this Fund;

hb4045hb4045-01-c1 -01-er F L O R I D A H O U S E O F R E P R E S E N T A T I V E S ENROLLED CS/HB 4045 2025 Legislature but subject to a limitation on the combined payments to a widow or widower and children equal to fifteen per centum (15%) of final year's earnings.

hb4045hb4045-01-c1 -01-er F L O R I D A H O U S E O F R E P R E S E N T A T I V E S ENROLLED CS/HB 4045 2025 Legislature actual social security benefit earned by the member for employment as a firefighter or police officer for the City to the extent that such employment is considered to be creditable service under this Fund;