Florida HB 4063: West Palm Beach Police Pension Fund - Special Act Amendment

Bill Text

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An act relating to the West Palm Beach Police Pension 2
Fund, Palm Beach County; amending chapter 24981 3
(1947), Laws of Florida, as amended; revising 4
definitions relating to the West Palm Beach Police 5
Pension Fund; revising professional and clerical 6
services; revising the fund membership; revising age 7
and service requirements for retirement; revising 8
retirement pension calculation; revising optional 9
forms of retirement income; revising chapter 185 share 10
accounts; revising supplemental pension distributions; 11
revising deferred retirement option plan (DROP); 12
revising death benefits; revising investments; 13
revising review procedures; revising lump sum payments 14
of small retirement incomes; revising Internal Revenue 15
Code limits; revising minimum distribution of 16
benefits; revising rollovers from qualified plans; 17
revising other police officer or military services; 18
revising reemployment after retirement; providing an 19
effective date. 20
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Be It Enacted by the Legislature of the State of Florida: 22
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Section 1. Paragraphs (b), (c), (h), (m), and (q) of 24
subsection (2), paragraph (e) of subsection (4), subsection (6), 25

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paragraph (b) of subsection (8), paragraphs (a) and (d) of 26
subsection (9), paragraphs (b) and (f) of subsection (11), 27
paragraph (b) of subsection (12), paragraph (b) of subsection 28
(13), paragraph (b) of subsection (17), paragraphs (a) and (d) 29
of subsection (21), subsections (26) and (27), paragraph (a) of 30
subsection (29), subsection (30), paragraph (a) of subsection 31
(31), paragraph (a) of subsection (34), and paragraph (c) of 32
subsection (35) of section 16 of chapter 24981 (1947), Laws of 33
Florida, as amended, are amended, and paragraphs (f) and (g) are 34
added of subsection (29) of that section, to read: 35
Section 16. West Palm Beach Police Pension Fund.— 36
(2) Definitions.—The following words or phrases, as used 37
in this act, shall have the following meanings, unless a 38
different meaning is clearly indicated by the context: 39
(b) "Actuarial equivalent value," "actuarial equivalence," 40
or "single sum value" means the stated determination using an 41
interest rate of 8.00 percent per year and the RP-2000 mortality 42
table for annuitants with future improvements in mortality 43
projected with mortality improvement to the year of retirement 44
to 2017 using Scale BB, blending ninety percent (90%) male rates 45
and ten percent (10%) female rates for the member and ten 46
percent (10%) male rates and ninety percent (90%) female rates 47
for the beneficiary. For females, the base mortality rates 48
include a one hundred percent (100%) white collar adjustment. 49
For males, the base mortality rates include a ninety percent 50

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(90%) blue collar adjustment and a ten percent (10%) white 51
collar adjustment. 52
(c) "Beneficiary" means any person, designated as such 53
except a retirant, who is entitled to receive a benefit from the 54
West Palm Beach Police Pension Fund or the West Palm Beach 55
Police Pension and Relief Fund, as applicable upon the death of 56
a retirant. 57
(h) "Final average salary" means the average of the 58
monthly salary paid to a member in the 3 best years of 59
employment. In no event shall any one year, beginning January 1, 60
2005, include more than 400 hours of overtime. Prior to January 61
1, 2005, individual years may include more than 400 hours of 62
overtime. Effective prospectively from January 1, 2013, the 63
overtime will be limited to 300 hours in any one year. As of 64
June 6, 2017 the effective date of this act, for purposes of 65
determining final average salary, any lump sum payment made to a 66
member for retroactive pay, such amounts shall not be considered 67
as a lump sum but will be treated as if paid during the 68
retroactive pay periods. 69
(m) "Qualified health professional" means a person duly 70
and regularly engaged in the practice of his or her profession 71
who holds a professional degree from a university or college and 72
has special professional training or skill regarding the 73
physical or mental condition, disability, or lack thereof, upon 74
which he or she is to present evidence to the board. The board 75

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of trustees