S7022: Retirement

Legislative Summary

Authorizing an officer, except while serving as a legislator, to remain in elective office and receive accumulated DROP proceeds after the officer attains a certain age; providing that, upon termination, the officer receives accumulated DROP proceeds including interest earned in accordance with a specified provision; requiring the Division of Retirement or the State Board of Administration, as appropriate, to take steps to recoup from the elected officer any DROP proceeds distributed in accordance with a specified provision, under specified circumstances; revising required employer retirement contribution rates for each membership class and subclass of the Florida Retirement System, etc.