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Senate Bill 2260

Senate Bill sb2260

CODING: Words stricken are deletions; words underlined are additions.
    Florida Senate - 2004                                  SB 2260

    By Senator Smith





    14-1257-04

  1                      A bill to be entitled

  2         An act relating to the Florida Retirement

  3         System; amending s. 121.091, F.S.; increasing

  4         the disability retirement benefit for certain

  5         members of the Special Risk Class who were

  6         catastrophically injured in the line of duty;

  7         providing for funding the benefit; providing an

  8         effective date.

  9  

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

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12         Section 1.  Paragraph (f) of subsection (4) of section

13  121.091, Florida Statutes, is amended to read:

14         121.091  Benefits payable under the system.--Benefits

15  may not be paid under this section unless the member has

16  terminated employment as provided in s. 121.021(39)(a) or

17  begun participation in the Deferred Retirement Option Program

18  as provided in subsection (13), and a proper application has

19  been filed in the manner prescribed by the department. The

20  department may cancel an application for retirement benefits

21  when the member or beneficiary fails to timely provide the

22  information and documents required by this chapter and the

23  department's rules. The department shall adopt rules

24  establishing procedures for application for retirement

25  benefits and for the cancellation of such application when the

26  required information or documents are not received.

27         (4)  DISABILITY RETIREMENT BENEFIT.--

28         (f)  Computation of disability retirement benefit.--The

29  amount of each monthly payment shall be computed in the same

30  manner as for a normal retirement benefit, in accordance with

31  subsection (1), but shall be based on disability option

                                  1

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    Florida Senate - 2004                                  SB 2260
    14-1257-04




 1  actuarial equivalency tables and the average monthly

 2  compensation and creditable service of the member as of the

 3  disability retirement date, subject to the following

 4  conditions:

 5         1.  If the member's disability occurred in the line of

 6  duty, the monthly Option 1 benefit shall not be less than:

 7         a.  Forty-two percent of average monthly compensation

 8  as of the disability retirement date; or

 9         b.  Sixty-five percent of the average monthly

10  compensation as of the disability retirement date for a member

11  of the special risk class who retires on or after July 1,

12  2000; or

13         c.  Sixty-five percent of the average monthly

14  compensation for a member of the special risk class who has

15  retired on or after July 1, 1985, and was catastrophically

16  injured in the line of duty; or

17         2.  If the member's disability occurred other than in

18  the line of duty, the monthly Option 1 benefit shall not be

19  less than 25 percent of average monthly compensation as of the

20  disability retirement date.

21         Section 2.  In order to fund the benefits provided

22  under section 1:

23         (1)  The contribution rates that apply to the Special

24  Risk Class of the Florida Retirement System shall be increased

25  by _____ percentage points; and

26         (2)  The contribution rates that apply to the Special

27  Risk Administrative Support Class of the Florida Retirement

28  System shall be increased by _____ percentage points.

29         Section 3.  This act shall take effect July 1, 2004.

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    Florida Senate - 2004                                  SB 2260
    14-1257-04




 1            *****************************************

 2                          SENATE SUMMARY

 3    Provides a minimum retirement disability benefit for
      members of the Special Risk Class who retired on or after
 4    July 1, 1985, due to catastrophic injuries in the line of
      duty.
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