February 22, 2020
Print This PagePrint This Page

  *
Session:
Bill #:
Session:
Chamber: View Search Tips
Search Term:
Year: View Search Tips
Search Term:
_h0049__
HB 49

1
A bill to be entitled
2An act relating to retirement; amending s. 121.0515, F.S.;
3authorizing certain employees to purchase the retirement
4credit for past service at a 3-percent Special Risk Class
5accrual value; providing requirements for calculating the
6first 2 percent of a member's average monthly compensation
7for purposes of purchasing past service credit; providing
8requirements for purchasing past service credit in excess
9of 2 percent but not to exceed 3 percent of the member's
10average monthly compensation; providing requirements for
11calculating the contribution amount; requiring the
12contribution for past service credit to be paid
13immediately upon notification by the Division of
14Retirement; providing that past service credit may be
15purchased by the member or by the employer on behalf of
16the member; providing a declaration of important state
17interest; providing an effective date.
18
19Be It Enacted by the Legislature of the State of Florida:
20
21     Section 1.  Subsection (5) of section 121.0515, Florida
22Statutes, is amended to read:
23     121.0515  Special risk membership.--
24     (5)  CREDIT FOR PAST SERVICE.--A special risk member may
25purchase retirement credit in the Special Risk Class based upon
26past service, and may upgrade retirement credit for such past
27service, to the extent of 3 2 percent of the member's average
28monthly compensation as specified in s. 121.091(1)(a) for such
29service as follows:
30     (a)  The member may purchase special risk credit for past
31service with a city or special district which has elected to
32join the Florida Retirement System, or with a participating
33agency to which a member's governmental unit was transferred,
34merged, or consolidated as provided in s. 121.081(1)(f), if the
35member was employed with the city or special district at the
36time it commenced participating in the Florida Retirement System
37or with the governmental unit at the time of its transfer,
38merger, or consolidation with the participating agency. The
39service must satisfy the criteria set forth in subsection (2)
40for special risk membership as a law enforcement officer, a
41firefighter, a or correctional officer, or an emergency medical
42technician or paramedic whose employer was a licensed advanced
43life support or basic life support provider; however, no
44certificate or waiver of certificate of compliance with s.
45943.1395 or s. 633.35 shall be required for such service.
46     (b)  Contributions for upgrading the first 2 percent of the
47member's average monthly compensation for the additional special
48risk credit pursuant to this subsection shall be equal to the
49difference in the contributions paid and the special risk
50percentage rate of gross salary in effect at the time of
51purchase for the period being claimed, plus interest thereon at
52the rate of 4 percent a year compounded annually from the date
53of such service until July 1, 1975, and 6.5 percent a year
54thereafter until the date of payment. This past service may be
55purchased by the member or by the employer on behalf of the
56member.
57     (c)  Contributions for upgrading additional special risk
58credit in excess of 2 percent but not to exceed 3 percent of the
59member's average monthly compensation shall be an amount
60representing the actuarial accrued liability for the difference
61in accrual value during the period of service for which credit
62is being purchased. Contributions shall be calculated by an
63actuary designated by the department using the discount rate and
64other relevant actuarial assumptions that were used to value the
65Florida Retirement System defined benefit plan liabilities in
66the most recent actuarial valuation. The contribution for
67service credit being purchased must be paid by the member or by
68the employer on behalf of the member immediately upon
69notification by the division.
70     Section 2.  The Legislature finds that a proper and
71legitimate state purpose is served when employees and retirees
72of the state and of its political subdivisions, and the
73dependents, survivors, and beneficiaries of such employees and
74retirees, are extended the basic protections afforded by
75governmental retirement systems that provide fair and adequate
76benefits and that are managed, administered, and funded in an
77actuarially sound manner as required by s. 14, Art. X of the
78State Constitution and part VII of chapter 112, Florida
79Statutes. Therefore, the Legislature determines and declares
80that the provisions of this act fulfill an important state
81interest.
82     Section 3.  This act shall take effect July 1, 2010.


CODING: Words stricken are deletions; words underlined are additions.
Site Map
Session:   Bills ·   Calendars ·   Bound Journals ·   Citator ·   Search ·   Appropriations ·   Redistricting ·   Bill Information Reports
Committee Publications
Historical Information
Statutes:   Introduction ·   View Statutes ·   Search Statutes
Flsenate.gov
Disclaimer: The information on this system is unverified. The journals or printed bills of the respective chambers should be consulted for official purposes.    Copyright © 2000-2020 State of Florida.     Privacy Statement     Contact Us     Get Acrobat Reader