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       Florida Senate - 2010                              CS for SB 198
       By the Committee on Governmental Oversight and Accountability;
       and Senator Baker
       585-05282-10                                           2010198c1
    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         employer to pay the costs for performing the
   14         calculation; requiring the contribution for past
   15         service credit to be paid immediately upon
   16         notification by the Division of Retirement; providing
   17         that past service credit may be purchased by the
   18         member or by the employer on behalf of the member;
   19         providing a declaration of important state interest;
   20         providing an effective date.
   22  Be It Enacted by the Legislature of the State of Florida:
   24         Section 1. Subsection (5) of section 121.0515, Florida
   25  Statutes, is amended to read:
   26         121.0515 Special risk membership.—
   27         (5) CREDIT FOR PAST SERVICE.—A special risk member may
   28  purchase retirement credit in the Special Risk Class based upon
   29  past service, and may upgrade retirement credit for such past
   30  service, to the extent of 3 2 percent of the member’s average
   31  monthly compensation as specified in s. 121.091(1)(a) for such
   32  service as follows:
   33         (a) The member may purchase special risk credit for past
   34  service with a city or special district which has elected to
   35  join the Florida Retirement System, or with a participating
   36  agency to which a member’s governmental unit was transferred,
   37  merged, or consolidated as provided in s. 121.081(1)(f), if the
   38  member was employed with the city or special district at the
   39  time it commenced participating in the Florida Retirement System
   40  or with the governmental unit at the time of its transfer,
   41  merger, or consolidation with the participating agency. The
   42  service must satisfy the criteria set forth in subsection (2)
   43  for special risk membership as a law enforcement officer, a
   44  firefighter, a or correctional officer, or an emergency medical
   45  technician or paramedic whose employer was a licensed advanced
   46  life support or basic life support provider; however, no
   47  certificate or waiver of certificate of compliance with s.
   48  943.1395 or s. 633.35 shall be required for such service.
   49         (b) Contributions for upgrading the first 2 percent of the
   50  member’s average monthly compensation for the additional special
   51  risk credit pursuant to this subsection shall be equal to the
   52  difference in the contributions paid and the special risk
   53  percentage rate of gross salary in effect at the time of
   54  purchase for the period being claimed, plus interest thereon at
   55  the rate of 4 percent a year compounded annually from the date
   56  of such service until July 1, 1975, and 6.5 percent a year
   57  thereafter until the date of payment. This past service may be
   58  purchased by the member or by the employer on behalf of the
   59  member.
   60         (c)Contributions for upgrading additional special risk
   61  credit in excess of 2 percent but not to exceed 3 percent of the
   62  member’s average monthly compensation shall be an amount
   63  representing the actuarial accrued liability for the difference
   64  in accrual value during the period of service for which credit
   65  is being purchased. Contributions shall be calculated by an
   66  actuary designated by the department using the discount rate and
   67  other relevant actuarial assumptions that were used to value the
   68  Florida Retirement System defined benefit plan liabilities in
   69  the most recent actuarial valuation. Before such calculations
   70  are performed, the employer shall pay the division $400 per
   71  calculation or all costs associated with an actuarial study to
   72  determine the contribution, whichever is higher, regardless of
   73  whether the credit upgrade is purchased. The contribution for
   74  the service credit being purchased must be paid by the member or
   75  by the employer on behalf of the member immediately upon
   76  notification by the division.
   77         Section 2. The Legislature finds that a proper and
   78  legitimate state purpose is served when employees and retirees
   79  of the state and of its political subdivisions, and the
   80  dependents, survivors, and beneficiaries of such employees and
   81  retirees, are extended the basic protections afforded by
   82  governmental retirement systems that provide fair and adequate
   83  benefits and that are managed, administered, and funded in an
   84  actuarially sound manner as required by s. 14, Article X of the
   85  State Constitution and part VII of chapter 112, Florida
   86  Statutes. Therefore, the Legislature determines and declares
   87  that the provisions of this act fulfill an important state
   88  interest.
   89         Section 3. This act shall take effect July 1, 2010.

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