No. HB 4063
West Palm Beach Police Pension Fund - Special Act Amendment; Revises professional & clerical services; revises West Palm Beach Police Pension Fund membership; age & service requirements for retirement; retirement pension calculation; optional forms of retirement income; chapter 185 share accounts; supplemental pension distributions; deferred retirement option plan (DROP); death benefits; investments; review procedures; lump sum payments of small retirement incomes; Internal Revenue Code limits; minimum distribution of benefits; rollovers from qualified plans; other police officer or military services; & reemployment after retirement.
Plain English Summary
AI-GENERATEDThe monthly pension accrual rate increases from 3% to 3.2% for service up to 26 years. This change applies to members retiring on or after October 1, 2026. It directly increases the final monthly benefit amount for eligible officers.
The maximum annual pension a member can receive rises from $160,000 to $280,000. This cap is adjusted for cost of living. It allows higher-earning officers to receive significantly larger annual retirement checks than previously permitted.
Overtime hours exceeding 300 hours in 26 pay periods are excluded from the salary definition. This exclusion is effective retroactively to January 1, 2013. It reduces the final average salary used to calculate pensions for officers with high overtime.
Retirees can no longer work for the City in any capacity without losing their pension. This ban expands beyond police roles to include any position that supervises police officers. It restricts reemployment options for former officers.
AIIncreases the monthly pension accrual rate from 3% to 3.2% for service up to 26 years for members retiring on or after October 1, 2026.
AIExcludes overtime hours exceeding 300 hours per 26 pay periods from the salary definition for pension calculations, effective January 1, 2013.
AIRetirees can no longer work for the City in any capacity without losing their pension, not just police roles.
AIThe maximum annual pension a member can receive rises from $160,000 to $280,000, adjusted for inflation.
AIChanges the mortality table used for actuarial equivalent value calculations from RP-2000 to one with mortality improvement projected to the year of retirement.
AIGrants the board of trustees sole discretion to determine if a medical provider meets the professional degree and training requirements for presenting evidence.
AIAllows reinstatement of a forfeited Chapter 185 share account balance if a member is rehired or reinstated to police officer employment.
AIAdds periodic partial lump sum withdrawals as a new payment option for DROP account balances.