Fla. Stat. 175.081
Use of annuity or insurance policies
(1)
Only those firefighters who have been members of the firefighters’ pension trust fund for 1 year or more may participate in the insured plan.(2)
Individual policies shall be purchased only when a group insurance plan is not feasible.(3)
Each application and policy shall designate the firefighters’ pension trust fund as owner of the policy.(4)
Policies shall be written on an annual premium basis.(5)
The type of policy shall be one which for the premium paid provides each individual with the maximum retirement benefit at his or her earliest statutory normal retirement age.(6)
Death benefit, if any, should not exceed:One hundred times the estimated normal retirement income, based on the assumption that the present rate of compensation continues without change to normal retirement date, orTwice the annual rate of compensation as of the date of termination of service, orThe single-sum value of the accrued deferred retirement income (beginning at normal retirement date) at date of termination of service, whichever is greatest.(a)
One hundred times the estimated normal retirement income, based on the assumption that the present rate of compensation continues without change to normal retirement date, or(b)
Twice the annual rate of compensation as of the date of termination of service, or(c)
The single-sum value of the accrued deferred retirement income (beginning at normal retirement date) at date of termination of service, whichever is greatest.(7)
An insurance plan may provide that the assignment of insurance contract to separating firefighters shall be at least equivalent to the return of the firefighters’ contributions used to purchase the contract. An assignment of contract discharges the municipality or special fire control district, as appropriate, from all further obligation to the participant under the plan even though the cash value of such contract may be less than the firefighters’ contributions.(8)
Provisions shall be made, either by issuance of separate policies or otherwise, that the separating firefighter does not receive cash value and other benefits under the policies assigned to him or her which exceed the present value of his or her vested interest under the firefighters’ pension trust fund, inclusive of his or her contribution to the plan; the contributions by the state shall not be exhausted faster merely because the method of funding adopted was through insurance companies.(9)
The firefighter shall have the right at any time to give the board of trustees written instructions designating the primary and contingent beneficiaries to receive death benefits or proceeds and the method of settlement of the death benefit or proceeds, or requesting a change in the beneficiary designation or method of settlement previously made, subject to the terms of the policy or policies on his or her life. Upon receipt of such written instructions, the board of trustees shall take necessary steps to effectuate the designation or change of beneficiary or settlement option.
Source:
Section 175.081 — Use of annuity or insurance policies, https://www.flsenate.gov/Laws/Statutes/2024/0175.081 (accessed Aug. 7, 2025).