H0973: Pension Plan Election under Florida Retirement System

Legislative Summary

Authorizes certain eligible employees participating in FRS to make second election to move back to pension plan; requires DOR in DMS to notify employees eligible to make such election within specified timeframe; provides requirements for such election; provides that cost of such election is deferred until member's retirement; authorizes such cost to be amortized over certain period of time; prohibits such cost from exceeding specified percentage of member's retirement benefits.