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Senate Bill 2204

Senate Bill sb2204

CODING: Words stricken are deletions; words underlined are additions.
    Florida Senate - 2004                                  SB 2204

    By Senator Lawson





    6-1326-04

  1                      A bill to be entitled

  2         An act relating to the retiree health insurance

  3         subsidy; amending s. 112.363, F.S.; increasing

  4         the minimum and maximum health insurance

  5         subsidies; increasing the contribution paid by

  6         employers of members in state-administered

  7         retirement plans; providing legislative

  8         findings; providing effective dates.

  9  

10  Be It Enacted by the Legislature of the State of Florida:

11  

12         Section 1.  Subsections (3) and (8) of section 112.363,

13  Florida Statutes, are amended to read:

14         112.363  Retiree health insurance subsidy.--

15         (3)  RETIREE HEALTH INSURANCE SUBSIDY AMOUNT.--

16         (a)  Beginning January 1, 1988, each eligible retiree

17  or a beneficiary who is a spouse or financial dependent

18  thereof shall receive a monthly retiree health insurance

19  subsidy payment equal to the number of years of creditable

20  service, as defined in s. 121.021(17), completed at the time

21  of retirement multiplied by $1; however, no retiree may

22  receive a subsidy payment of more than $30 or less than $10.

23         (b)  Beginning January 1, 1989, each eligible retiree

24  or a beneficiary who is a spouse or financial dependent shall

25  receive a monthly retiree health insurance subsidy payment

26  equal to the number of years of creditable service, as defined

27  in s. 121.021(17), completed at the time of retirement

28  multiplied by $2; however, no retiree may receive a subsidy

29  payment of more than $60 or less than $20.

30         (c)  Beginning January 1, 1991, each eligible retiree

31  or a beneficiary who is a spouse or financial dependent shall

                                  1

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    Florida Senate - 2004                                  SB 2204
    6-1326-04




 1  receive a monthly retiree health insurance subsidy payment

 2  equal to the number of years of creditable service, as defined

 3  in s. 121.021(17), completed at the time of retirement

 4  multiplied by $3; however, no retiree may receive a subsidy

 5  payment of more than $90 or less than $30.

 6         (d)  Beginning January 1, 1999, each eligible retiree

 7  or, if the retiree is deceased, his or her beneficiary who is

 8  receiving a monthly benefit from such retiree's account and

 9  who is a spouse, or a person who meets the definition of joint

10  annuitant in s. 121.021(28), shall receive a monthly retiree

11  health insurance subsidy payment equal to the number of years

12  of creditable service, as defined in s. 121.021(17), completed

13  at the time of retirement multiplied by $5; however, no

14  eligible retiree or such beneficiary may receive a subsidy

15  payment of more than $150 or less than $50.  If there are

16  multiple beneficiaries, the total payment must not be greater

17  than the payment to which the retiree was entitled.

18         (e)1.  Beginning July 1, 2001, each eligible retiree of

19  the defined benefit program of the Florida Retirement System,

20  or, if the retiree is deceased, his or her beneficiary who is

21  receiving a monthly benefit from such retiree's account and

22  who is a spouse, or a person who meets the definition of joint

23  annuitant in s. 121.021(28), shall receive a monthly retiree

24  health insurance subsidy payment equal to the number of years

25  of creditable service, as defined in s. 121.021(17), completed

26  at the time of retirement multiplied by $5; however, no

27  eligible retiree or beneficiary may receive a subsidy payment

28  of more than $150 or less than $30.  If there are multiple

29  beneficiaries, the total payment must not be greater than the

30  payment to which the retiree was entitled.  The health

31  insurance subsidy amount payable to any person receiving the

                                  2

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    Florida Senate - 2004                                  SB 2204
    6-1326-04




 1  retiree health insurance subsidy payment on July 1, 2001,

 2  shall not be reduced solely by operation of this subparagraph.

 3         2.  Beginning July 1, 2002, each eligible participant

 4  of the Public Employee Optional Retirement Program of the

 5  Florida Retirement System who has met the requirements of this

 6  section, or, if the participant is deceased, his or her spouse

 7  who is the participant's designated beneficiary, shall receive

 8  a monthly retiree health insurance subsidy payment equal to

 9  the number of years of creditable service, as provided in this

10  subparagraph, completed at the time of retirement, multiplied

11  by $5; however, no eligible retiree or beneficiary may receive

12  a subsidy payment of more than $150 or less than $30.  For

13  purposes of determining a participant's creditable service

14  used to calculate the health insurance subsidy, a

15  participant's years of service credit or fraction thereof

16  shall be based on the participant's work year as defined in s.

17  121.021(54).  Credit shall be awarded for a full work year

18  whenever health insurance subsidy contributions have been made

19  as required by law for each month in the participant's work

20  year.  In addition, all years of creditable service retained

21  under the Florida Retirement System defined benefit program

22  shall be included as creditable service for purposes of this

23  section.

24         (f)1.  Beginning January 1, 2005, each eligible retiree

25  of the defined benefit program of the Florida Retirement

26  System or, if the retiree is deceased, his or her beneficiary

27  who is receiving a monthly benefit from such retiree's account

28  and who is a spouse or a person who meets the definition of a

29  joint annuitant in s. 121.021(28) shall receive a monthly

30  retiree health insurance subsidy payment equal to the number

31  of years of creditable service, as defined in s. 121.021(17),

                                  3

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    Florida Senate - 2004                                  SB 2204
    6-1326-04




 1  completed at the time of retirement multiplied by $7; however,

 2  an eligible retiree or beneficiary may not receive a subsidy

 3  payment of more than $210 or less than $42. If there are

 4  multiple beneficiaries, the total payment must not be greater

 5  than the payment to which the retiree was entitled. The health

 6  insurance subsidy amount payable to any person receiving the

 7  retiree health insurance subsidy payment on January 1, 2005,

 8  may not be reduced solely by operation of this subparagraph.

 9         2.  Beginning January 1, 2005, each eligible

10  participant of the Public Employee Optional Retirement Program

11  of the Florida Retirement System who has met the requirements

12  of this section or, if the participant is deceased, his or her

13  spouse who is the participant's designated beneficiary shall

14  receive a monthly retiree health insurance subsidy equal to

15  the number of years of creditable service, as provided in this

16  subparagraph, completed at the time of retirement multiplied

17  by $7; however, an eligible retiree or beneficiary may not

18  receive a subsidy payment of more than $210 or less than $42.

19  For purposes of determining a participant's creditable service

20  used to calculate the health insurance subsidy, a

21  participant's years of service credit or fraction thereof

22  shall be based on the participant's work year as defined in s.

23  121.021(54). Credit shall be awarded for a full work year

24  whenever health insurance subsidy contributions have been made

25  as required by law for each month in the participant's work

26  year. In addition, all years of creditable service retained

27  under the Florida Retirement System defined benefit program

28  shall be included as creditable service for purposes of this

29  section.

30         (8)  CONTRIBUTIONS.--For purposes of funding the

31  insurance subsidy provided by this section:

                                  4

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    Florida Senate - 2004                                  SB 2204
    6-1326-04




 1         (a)  Beginning October 1, 1987, the employer of each

 2  member of a state-administered retirement plan shall

 3  contribute 0.24 percent of gross compensation each pay period.

 4         (b)  Beginning January 1, 1989, the employer of each

 5  member of a state-administered retirement plan shall

 6  contribute 0.48 percent of gross compensation each pay period.

 7         (c)  Beginning January 1, 1994, the employer of each

 8  member of a state-administered retirement plan shall

 9  contribute 0.56 percent of gross compensation each pay period.

10         (d)  Beginning January 1, 1995, the employer of each

11  member of a state-administered retirement plan shall

12  contribute 0.66 percent of gross compensation each pay period.

13         (e)  Beginning July 1, 1998, the employer of each

14  member of a state-administered retirement plan shall

15  contribute 0.94 percent of gross compensation each pay period.

16         (f)  Beginning July 1, 2001, the employer of each

17  member of a state-administered plan shall contribute 1.11

18  percent of gross compensation each pay period.

19         (g)  Beginning January 1, 2005, the employer of each

20  member of a state-administered retirement plan shall

21  contribute 1.55 percent of gross compensation each pay period.

22  

23  Such contributions shall be submitted to the Department of

24  Management Services and deposited in the Retiree Health

25  Insurance Subsidy Trust Fund.

26         Section 2.  The Legislature finds that a proper and

27  legitimate state purpose is served when employees and retirees

28  of the state and of its political subdivisions, and the

29  dependents, survivors, and beneficiaries of such employees and

30  retirees, are extended the basic protections afforded by

31  governmental retirement systems that provide fair and adequate

                                  5

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    Florida Senate - 2004                                  SB 2204
    6-1326-04




 1  benefits that are managed, administered, and funded in an

 2  actuarially sound manner, as required by section 14, Article X

 3  of the State Constitution and part VII of chapter 112, Florida

 4  Statutes. Therefore, the Legislature determines and declares

 5  that this act fulfills an important state interest.

 6         Section 3.  This act shall take effect upon becoming a

 7  law.

 8  

 9            *****************************************

10                          SENATE SUMMARY

11    Increases the health insurance subsidy for members of
      state-administered retirement systems to $7 per year of
12    creditable service, with a minimum benefit of $42 a month
      and a maximum of $210 a month.
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