Section 121.122, Florida Statutes 2003
121.122 Renewed membership in system.--Except as provided in s. 121.053, effective July 1, 1991, any retiree of a state-administered retirement system who is employed in a regularly established position with a covered employer shall be enrolled as a compulsory member of the Regular Class of the Florida Retirement System or, effective July 1, 1997, any retiree of a state-administered retirement system who is employed in a position included in the Senior Management Service Class shall be enrolled as a compulsory member of the Senior Management Service Class of the Florida Retirement System as provided in s. 121.055, and shall be entitled to receive an additional retirement benefit, subject to the following conditions:
(1)(a) Such member shall resatisfy the age and service requirements as provided in this chapter for initial membership under the system, unless such member elects to participate in the Senior Management Service Optional Annuity Program in lieu of the Senior Management Service Class, as provided in s. 121.055(6).
(b) Such member shall not be entitled to disability benefits as provided in s. 121.091(4).
(c) Such member must meet the reemployment after retirement limitations as provided in s. 121.091(9), as applicable.
(2) Upon renewed membership, the employer of such member shall pay the applicable employer contributions as required by ss. 121.055(3) and 121.071(1)(a) and (4).
(3) Such member shall be entitled to purchase additional retirement credit in the Regular Class or the Senior Management Service Class, as applicable, for any postretirement service performed in a regularly established position as follows:
(a) For regular class service prior to July 1, 1991, by paying the Regular Class applicable employee and employer contributions for the period being claimed, plus 4 percent interest compounded annually from first year of service claimed until July 1, 1975, and 6.5 percent interest compounded thereafter, until full payment is made to the Florida Retirement System Trust Fund; or
(b) For Senior Management Service Class prior to June 1, 1997, as provided in s. 121.055(1)(j).
The contribution for postretirement service between July 1, 1985, and July 1, 1991, for which the reemployed retiree contribution was paid, shall be the difference between such contribution and the total applicable contribution for the period being claimed, plus interest. The employer of such member may pay the applicable employer contribution in lieu of the member. If a member does not wish to claim credit for all of the postretirement service for which he or she is eligible, the service the member claims must be the most recent service.
(4) No creditable service for which credit was received, or which remained unclaimed, at retirement may be claimed or applied toward service credit earned following renewed membership. However, service earned as an elected officer with renewed membership in the Elected Officers' Class may be used in conjunction with creditable service earned under this section, provided the applicable vesting requirements and other existing statutory conditions required by this chapter are met.
(5) Notwithstanding any other limitations provided in this section, a participant of the State University System Optional Retirement Program or the Senior Management Service Optional Annuity Program who terminated employment and commenced receiving an annuity under the provisions of the optional program, who renews membership in the Regular Class as required by this section upon reemployment after retirement, and who had previously earned creditable Florida Retirement System service that was not included in any retirement benefit may include such previous service toward vesting and service credit in the second career benefit provided under renewed membership.
(6) Any renewed member who is not receiving the maximum health insurance subsidy provided in s. 112.363 shall be entitled to earn additional credit toward the maximum health insurance subsidy. Any additional subsidy due because of such additional credit shall be received only at the time of payment of the second career retirement benefit. In no case shall the total health insurance subsidy received by a retiree receiving benefits from initial and renewed membership exceed the maximum allowed in s. 112.363.
History.--s. 14, ch. 90-274; s. 8, ch. 92-122; s. 9, ch. 93-193; s. 6, ch. 93-285; s. 14, ch. 97-180; s. 12, ch. 98-138; s. 10, ch. 98-413; s. 7, ch. 99-9; s. 12, ch. 99-392; s. 21, ch. 2000-151.