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       Florida Senate - 2010                                     SB 198
       By Senator Baker
       20-00351-10                                            2010198__
    1                        A bill to be entitled                      
    2         An act relating to retirement; amending s. 121.0515,
    3         F.S.; authorizing certain employees to purchase the
    4         retirement credit for past service at a 3 percent
    5         Special Risk Class accrual value; providing
    6         requirements for calculating the first 2 percent of a
    7         member’s average monthly compensation for purposes of
    8         purchasing past service credit; providing requirements
    9         for purchasing past service credit in excess of 2
   10         percent but not to exceed 3 percent of the member’s
   11         average monthly compensation; providing requirements
   12         for calculating the contribution amount; requiring the
   13         contribution for past service credit to be paid
   14         immediately upon notification by the Division of
   15         Retirement; providing that past service credit may be
   16         purchased by the member or by the employer on behalf
   17         of the member; providing a declaration of important
   18         state interest; providing an effective date.
   20  Be It Enacted by the Legislature of the State of Florida:
   22         Section 1. Subsection (5) of section 121.0515, Florida
   23  Statutes, is amended to read:
   24         121.0515 Special risk membership.—
   25         (5) CREDIT FOR PAST SERVICE.—A special risk member may
   26  purchase retirement credit in the Special Risk Class based upon
   27  past service, and may upgrade retirement credit for such past
   28  service, to the extent of 3 2 percent of the member’s average
   29  monthly compensation as specified in s. 121.091(1)(a) for such
   30  service as follows:
   31         (a) The member may purchase special risk credit for past
   32  service with a city or special district which has elected to
   33  join the Florida Retirement System, or with a participating
   34  agency to which a member’s governmental unit was transferred,
   35  merged, or consolidated as provided in s. 121.081(1)(f), if the
   36  member was employed with the city or special district at the
   37  time it commenced participating in the Florida Retirement System
   38  or with the governmental unit at the time of its transfer,
   39  merger, or consolidation with the participating agency. The
   40  service must satisfy the criteria set forth in subsection (2)
   41  for special risk membership as a law enforcement officer, a
   42  firefighter, a or correctional officer, or an emergency medical
   43  technician or paramedic whose employer was a licensed advanced
   44  life support or basic life support provider; however, no
   45  certificate or waiver of certificate of compliance with s.
   46  943.1395 or s. 633.35 shall be required for such service.
   47         (b) Contributions for upgrading the first 2 percent of the
   48  member’s average monthly compensation for the additional special
   49  risk credit pursuant to this subsection shall be equal to the
   50  difference in the contributions paid and the special risk
   51  percentage rate of gross salary in effect at the time of
   52  purchase for the period being claimed, plus interest thereon at
   53  the rate of 4 percent a year compounded annually from the date
   54  of such service until July 1, 1975, and 6.5 percent a year
   55  thereafter until the date of payment. This past service may be
   56  purchased by the member or by the employer on behalf of the
   57  member.
   58         (c)Contributions for upgrading additional special risk
   59  credit in excess of 2 percent but not to exceed 3 percent of the
   60  member’s average monthly compensation shall be an amount
   61  representing the actuarial accrued liability for the difference
   62  in accrual value during the period of service for which credit
   63  is being purchased. Contributions shall be calculated by an
   64  actuary designated by the department using the discount rate and
   65  other relevant actuarial assumptions that were used to value the
   66  Florida Retirement System defined benefit plan liabilities in
   67  the most recent actuarial valuation. The contribution for
   68  service credit being purchased must be paid by the member or by
   69  the employer on behalf of the member immediately upon
   70  notification by the division.
   71         Section 2. The Legislature finds that a proper and
   72  legitimate state purpose is served when employees and retirees
   73  of the state and of its political subdivisions, and the
   74  dependents, survivors, and beneficiaries of such employees and
   75  retirees, are extended the basic protections afforded by
   76  governmental retirement systems that provide fair and adequate
   77  benefits and that are managed, administered, and funded in an
   78  actuarially sound manner as required by s. 14, Article X of the
   79  State Constitution and part VII of chapter 112, Florida
   80  Statutes. Therefore, the Legislature determines and declares
   81  that the provisions of this act fulfill an important state
   82  interest.
   83         Section 3. This act shall take effect July 1, 2010.

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