July 14, 2020
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HB 5703

1
A bill to be entitled
2An act relating to retirement; amending s. 112.625, F.S.;
3revising the definition of the term "statement value";
4amending s. 112.64, F.S.; providing limitations for the
5total contributions made to certain retirement systems or
6plans; prohibiting certain retirement systems or plans
7from amortizing their unfunded liabilities over a
8specified period; limiting the amortization bases created
9in specified future plan years; providing disclosure
10requirements; amending s. 121.053, F.S.; requiring
11employers to make specified retirement contributions on
12behalf of certain employees in the Elected Officers'
13Class, including those in DROP; providing exceptions;
14amending s. 121.055, F.S.; requiring employers to make
15specified retirement contributions on behalf of certain
16employees who have withdrawn from the Senior Management
17Service Class; providing an exception; amending s.
18121.122, F.S.; requiring employers to make specified
19retirement contributions on behalf of certain reemployed
20retirees; providing an exception; amending ss. 112.05,
21121.051, 121.091, 121.35, and 1012.875, F.S.; providing
22exceptions to required employer contributions on behalf of
23certain program participants in conformance with changes
24made by this act; providing a declaration of important
25state interest; providing an effective date.
26
27Be It Enacted by the Legislature of the State of Florida:
28
29     Section 1.  Paragraph (c) of subsection (4) of section
30112.05, Florida Statutes, is amended to read:
31     112.05  Retirement; cost-of-living adjustment; employment
32after retirement.-
33     (4)
34     (c)  An employer, upon employment of any person who has
35been retired under a state-administered retirement program,
36shall pay retirement contributions in an amount equal to the
37unfunded actuarial accrued liability portion of the employer
38contribution which would be required for a regular member of the
39Florida Retirement System, except as provided in s.
40112.64(2)(b).
41     Section 2.  Subsection (7) of section 112.625, Florida
42Statutes, is amended to read:
43     112.625  Definitions.-As used in this act:
44     (7)  "Statement value" means the value of assets in
45accordance with s. 302(c)(2) of the Employee Retirement Income
46Security Act of 1974 and as permitted under regulations
47prescribed by the Secretary of the Treasury as amended by Pub.
48L. No. 100-203, as such sections are in effect on August 16,
492006. Assets for which a fair market value is not provided shall
50be excluded from the assets used in the determination of annual
51funding cost. For fiscal years ending in 2010, 2011, and 2012,
52statement value may be determined without regard to the corridor
53limit above and below the fair market value of assets. Any
54retirement system or plan that makes a determination of its
55statement value without regard to the corridor limit above and
56below the fair market value of assets must disclose this option
57of funding in its actuarial valuation for affected plan years.
58     Section 3.  Subsections (2) and (3) of section 112.64,
59Florida Statutes, are amended to read:
60     112.64  Administration of funds; amortization of unfunded
61liability.-
62     (2)(a)  From and after October 1, 1980, for those plans in
63existence on October 1, 1980, the total contributions to the
64retirement system or plan shall be sufficient to meet the normal
65cost of the retirement system or plan and to amortize the
66unfunded liability, if any, within 40 years; however, nothing
67contained in this paragraph does not permit subsection permits
68any retirement system or plan to amortize its unfunded
69liabilities over a period longer than that which remains under
70its current amortization schedule.
71     (b)  Notwithstanding paragraph (a), for retirement systems
72or plans with an actuarial funded ratio of 90 percent or greater
73in the plan year ending in calendar year 2008, calculated using
74the Governmental Accounting Standards Board Statement 25 basis,
75the provisions of subparagraph 1. may be applied to funding for
76plan years beginning in calendar years 2010, 2011, and 2012:
77     1.  Total contributions to the retirement system or plan
78may be limited to the greater of:
79     a.  The contribution rate in effect for the previous plan
80year; or
81     b.  The normal cost of the retirement system or plan in the
82current plan year.
83     2.  This paragraph does not permit any retirement system or
84plan to amortize its unfunded liabilities over a period longer
85than that which remains under its existing amortization
86schedules. New amortization bases created in plan years
87beginning in calendar years 2010, 2011, and 2012 may not exceed
88the maximum duration allowed in this section, notwithstanding
89any postponed amortization payments resulting from the
90application of this paragraph.
91     3.  Any retirement system or plan that uses the provisions
92of subparagraph 1. must disclose this option of funding in its
93actuarial valuation for affected plan years beginning in
94calendar years 2010, 2011, and 2012.
95     (3)(a)  For a retirement system or plan which comes into
96existence after October 1, 1980, the unfunded liability, if any,
97shall be amortized within 40 years of the first plan year.
98     (b)  Notwithstanding paragraph (a), for retirement systems
99or plans with an actuarial funded ratio of 90 percent or greater
100in the plan year ending in calendar year 2008, calculated using
101the Governmental Accounting Standards Board Statement 25 basis,
102the provisions of subparagraph 1. may be applied to funding for
103plan years beginning in calendar years 2010, 2011, and 2012:
104     1.  Total contributions to the retirement system or plan
105may be limited to the greater of:
106     a.  The contribution rate in effect for the previous plan
107year; or
108     b.  The normal cost of the retirement system or plan in the
109current plan year.
110     2.  This paragraph does not permit any retirement system or
111plan to amortize its unfunded liabilities over a period longer
112than that which remains under its existing amortization
113schedules. New amortization bases created in plan years
114beginning in calendar years 2010, 2011, and 2012 may not exceed
115the maximum duration allowed in this section, notwithstanding
116any postponed amortization payments resulting from the
117application of this paragraph.
118     3.  Any retirement system or plan that uses the provisions
119of subparagraph 1. must disclose this option of funding in its
120actuarial valuation for affected plan years beginning in
121calendar years 2010, 2011, and 2012.
122     Section 4.  Paragraph (c) of subsection (2) of section
123121.051, Florida Statutes, is amended to read:
124     121.051  Participation in the system.-
125     (2)  OPTIONAL PARTICIPATION.-
126     (c)  Employees of public community colleges or charter
127technical career centers sponsored by public community colleges,
128designated in s. 1000.21(3), who are members of the Regular
129Class of the Florida Retirement System and who comply with the
130criteria set forth in this paragraph and s. 1012.875 may, in
131lieu of participating in the Florida Retirement System, elect to
132withdraw from the system altogether and participate in the State
133Community College System Optional Retirement Program provided by
134the employing agency under s. 1012.875.
135     1.  Through June 30, 2001, the cost to the employer for
136such annuity equals the normal cost portion of the employer
137retirement contribution which would be required if the employee
138were a member of the Regular Class defined benefit program, plus
139the portion of the contribution rate required by s. 112.363(8)
140which would otherwise be assigned to the Retiree Health
141Insurance Subsidy Trust Fund. Effective July 1, 2001, each
142employer shall contribute on behalf of each participant in the
143optional program an amount equal to 10.43 percent of the
144participant's gross monthly compensation. The employer shall
145deduct an amount for the administration of the program. The
146employer shall contribute an additional amount to the Florida
147Retirement System Trust Fund equal to the unfunded actuarial
148accrued liability portion of the Regular Class contribution
149rate, except as provided in s. 112.64(2)(b).
150     2.  The decision to participate in an optional retirement
151program is irrevocable as long as the employee holds a position
152eligible for participation, except as provided in subparagraph
1533. Any service creditable under the Florida Retirement System is
154retained after the member withdraws from the system; however,
155additional service credit in the system may not be earned while
156a member of the optional retirement program.
157     3.  An employee who has elected to participate in the
158optional retirement program shall have one opportunity, at the
159employee's discretion, to transfer from the optional retirement
160program to the defined benefit program of the Florida Retirement
161System or to the Public Employee Optional Retirement Program,
162subject to the terms of the applicable optional retirement
163program contracts.
164     a.  If the employee chooses to move to the Public Employee
165Optional Retirement Program, any contributions, interest, and
166earnings creditable to the employee under the State Community
167College System Optional Retirement Program are retained by the
168employee in the State Community College System Optional
169Retirement Program, and the applicable provisions of s.
170121.4501(4) govern the election.
171     b.  If the employee chooses to move to the defined benefit
172program of the Florida Retirement System, the employee shall
173receive service credit equal to his or her years of service
174under the State Community College System Optional Retirement
175Program.
176     (I)  The cost for such credit is the amount representing
177the present value of the employee's accumulated benefit
178obligation for the affected period of service. The cost shall be
179calculated as if the benefit commencement occurs on the first
180date the employee becomes eligible for unreduced benefits, using
181the discount rate and other relevant actuarial assumptions that
182were used to value the Florida Retirement System defined benefit
183plan liabilities in the most recent actuarial valuation. The
184calculation must include any service already maintained under
185the defined benefit plan in addition to the years under the
186State Community College System Optional Retirement Program. The
187present value of any service already maintained must be applied
188as a credit to total cost resulting from the calculation. The
189division shall ensure that the transfer sum is prepared using a
190formula and methodology certified by an enrolled actuary.
191     (II)  The employee must transfer from his or her State
192Community College System Optional Retirement Program account and
193from other employee moneys as necessary, a sum representing the
194present value of the employee's accumulated benefit obligation
195immediately following the time of such movement, determined
196assuming that attained service equals the sum of service in the
197defined benefit program and service in the State Community
198College System Optional Retirement Program.
199     4.  Participation in the optional retirement program is
200limited to employees who satisfy the following eligibility
201criteria:
202     a.  The employee must be otherwise eligible for membership
203or renewed membership in the Regular Class of the Florida
204Retirement System, as provided in s. 121.021(11) and (12) or s.
205121.122.
206     b.  The employee must be employed in a full-time position
207classified in the Accounting Manual for Florida's Public
208Community Colleges as:
209     (I)  Instructional; or
210     (II)  Executive Management, Instructional Management, or
211Institutional Management, if a community college determines that
212recruiting to fill a vacancy in the position is to be conducted
213in the national or regional market, and the duties and
214responsibilities of the position include the formulation,
215interpretation, or implementation of policies, or the
216performance of functions that are unique or specialized within
217higher education and that frequently support the mission of the
218community college.
219     c.  The employee must be employed in a position not
220included in the Senior Management Service Class of the Florida
221Retirement System, as described in s. 121.055.
222     5.  Participants in the program are subject to the same
223reemployment limitations, renewed membership provisions, and
224forfeiture provisions as are applicable to regular members of
225the Florida Retirement System under ss. 121.091(9), 121.122, and
226121.091(5), respectively. A participant who receives a program
227distribution funded by employer contributions shall be deemed to
228be retired from a state-administered retirement system if the
229participant is subsequently employed with an employer that
230participates in the Florida Retirement System.
231     6.  Eligible community college employees are compulsory
232members of the Florida Retirement System until, pursuant to s.
2331012.875, a written election to withdraw from the system and
234participate in the State Community College System Optional
235Retirement Program is filed with the program administrator and
236received by the division.
237     a.  A community college employee whose program eligibility
238results from initial employment must be enrolled in the State
239Community College System Optional Retirement Program retroactive
240to the first day of eligible employment. The employer retirement
241contributions paid through the month of the employee plan change
242shall be transferred to the community college to the employee's
243optional program account, and, effective the first day of the
244next month, the employer shall pay the applicable contributions
245based upon subparagraph 1.
246     b.  A community college employee whose program eligibility
247is due to the subsequent designation of the employee's position
248as one of those specified in subparagraph 4., or due to the
249employee's appointment, promotion, transfer, or reclassification
250to a position specified in subparagraph 4., must be enrolled in
251the program on the first day of the first full calendar month
252that such change in status becomes effective. The employer
253retirement contributions paid from the effective date through
254the month of the employee plan change must be transferred to the
255community college to the employee's optional program account,
256and, effective the first day of the next month, the employer
257shall pay the applicable contributions based upon subparagraph
2581.
259     7.  Effective July 1, 2003, through December 31, 2008, any
260participant of the State Community College System Optional
261Retirement Program who has service credit in the defined benefit
262plan of the Florida Retirement System for the period between his
263or her first eligibility to transfer from the defined benefit
264plan to the optional retirement program and the actual date of
265transfer may, during employment, transfer to the optional
266retirement program a sum representing the present value of the
267accumulated benefit obligation under the defined benefit
268retirement program for the period of service credit. Upon
269transfer, all service credit previously earned under the defined
270benefit program of the Florida Retirement System during this
271period is nullified for purposes of entitlement to a future
272benefit under the defined benefit program of the Florida
273Retirement System.
274     Section 5.  Paragraph (a) of subsection (3) and paragraph
275(a) of subsection (7) of section 121.053, Florida Statutes, are
276amended to read:
277     121.053  Participation in the Elected Officers' Class for
278retired members.-
279     (3)  On or after July 1, 2010:
280     (a)  A retiree of a state-administered retirement system
281who is elected or appointed for the first time to an elective
282office in a regularly established position with a covered
283employer may not reenroll in the Florida Retirement System. Each
284employer shall contribute on behalf of each employed retiree
285ineligible for renewed membership under this paragraph an amount
286equal to the unfunded actuarial liability portion of the
287employer contribution which would be required for members of the
288Elected Officers' Class or the Regular Class, as appropriate, in
289the Florida Retirement System, except as provided in s.
290112.64(2)(b).
291     (7)  A member who is elected or appointed to an elective
292office and who is participating in the Deferred Retirement
293Option Program is not subject to termination as defined in s.
294121.021, or reemployment limitations as provided in s.
295121.091(9), until the end of his or her current term of office
296or, if the officer is consecutively elected or reelected to an
297elective office eligible for coverage under the Florida
298Retirement System, until he or she no longer holds an elective
299office, as follows:
300     (a)  At the end of the 60-month DROP period:
301     1.  The officer's DROP account may not accrue additional
302monthly benefits, but does continue to earn interest as provided
303in s. 121.091(13). However, an officer whose DROP participation
304begins on or after July 1, 2010, may not continue to earn such
305interest.
306     2.  Except for the payment of the unfunded actuarial
307liability funding, retirement contributions are not required of
308the employer of the elected officer and additional retirement
309credit may not be earned under the Florida Retirement System.
310Each employer shall contribute on behalf of each nonenrolled
311employee under this subsection an amount equal to the unfunded
312actuarial liability portion of the employer contribution which
313would be required for members of the Elected Officers' Class or
314the Regular Class, as appropriate, in the Florida Retirement
315System, except as provided in s. 112.64(2)(b).
316     Section 6.  Paragraph (b) of subsection (1) and paragraph
317(d) of subsection (6) of section 121.055, Florida Statutes, are
318amended to read:
319     121.055  Senior Management Service Class.-There is hereby
320established a separate class of membership within the Florida
321Retirement System to be known as the "Senior Management Service
322Class," which shall become effective February 1, 1987.
323     (1)
324     (b)1.  Except as provided in subparagraph 2., effective
325January 1, 1990, participation in the Senior Management Service
326Class shall be compulsory for the president of each community
327college, the manager of each participating city or county, and
328all appointed district school superintendents. Effective January
3291, 1994, additional positions may be designated for inclusion in
330the Senior Management Service Class of the Florida Retirement
331System, provided that:
332     a.  Positions to be included in the class shall be
333designated by the local agency employer. Notice of intent to
334designate positions for inclusion in the class shall be
335published once a week for 2 consecutive weeks in a newspaper of
336general circulation published in the county or counties
337affected, as provided in chapter 50.
338     b.  Up to 10 nonelective full-time positions may be
339designated for each local agency employer reporting to the
340Department of Management Services; for local agencies with 100
341or more regularly established positions, additional nonelective
342full-time positions may be designated, not to exceed 1 percent
343of the regularly established positions within the agency.
344     c.  Each position added to the class must be a managerial
345or policymaking position filled by an employee who is not
346subject to continuing contract and serves at the pleasure of the
347local agency employer without civil service protection, and who:
348     (I)  Heads an organizational unit; or
349     (II)  Has responsibility to effect or recommend personnel,
350budget, expenditure, or policy decisions in his or her areas of
351responsibility.
352     2.  In lieu of participation in the Senior Management
353Service Class, members of the Senior Management Service Class
354pursuant to the provisions of subparagraph 1. may withdraw from
355the Florida Retirement System altogether. The decision to
356withdraw from the Florida Retirement System shall be irrevocable
357for as long as the employee holds such a position. Any service
358creditable under the Senior Management Service Class shall be
359retained after the member withdraws from the Florida Retirement
360System; however, additional service credit in the Senior
361Management Service Class shall not be earned after such
362withdrawal. Such members shall not be eligible to participate in
363the Senior Management Service Optional Annuity Program. Each
364employer shall contribute on behalf of each withdrawn employee
365under this subparagraph an amount equal to the unfunded
366actuarial accrued liability portion of the employer contribution
367which would be required for members of the Senior Management
368Service Class in the Florida Retirement System, except as
369provided in s. 112.64(2)(b).
370     3.  Effective January 1, 2006, through June 30, 2006, an
371employee who has withdrawn from the Florida Retirement System
372under subparagraph 2. has one opportunity to elect to
373participate in either the defined benefit program or the Public
374Employee Optional Retirement Program of the Florida Retirement
375System.
376     a.  If the employee elects to participate in the Public
377Employee Optional Retirement Program, membership shall be
378prospective, and the applicable provisions of s. 121.4501(4)
379shall govern the election.
380     b.  If the employee elects to participate in the defined
381benefit program of the Florida Retirement System, the employee
382shall, upon payment to the system trust fund of the amount
383calculated under sub-sub-subparagraph (I), receive service
384credit for prior service based upon the time during which the
385employee had withdrawn from the system.
386     (I)  The cost for such credit shall be an amount
387representing the actuarial accrued liability for the affected
388period of service. The cost shall be calculated using the
389discount rate and other relevant actuarial assumptions that were
390used to value the Florida Retirement System defined benefit plan
391liabilities in the most recent actuarial valuation. The
392calculation shall include any service already maintained under
393the defined benefit plan in addition to the period of
394withdrawal. The actuarial accrued liability attributable to any
395service already maintained under the defined benefit plan shall
396be applied as a credit to the total cost resulting from the
397calculation. The division shall ensure that the transfer sum is
398prepared using a formula and methodology certified by an
399actuary.
400     (II)  The employee must transfer a sum representing the net
401cost owed for the actuarial accrued liability in sub-sub-
402subparagraph (I) immediately following the time of such
403movement, determined assuming that attained service equals the
404sum of service in the defined benefit program and the period of
405withdrawal.
406     (6)
407     (d)  Contributions.-
408     1.  Through June 30, 2001, each employer shall contribute
409on behalf of each participant in the Senior Management Service
410Optional Annuity Program an amount equal to the normal cost
411portion of the employer retirement contribution which would be
412required if the participant were a Senior Management Service
413Class member of the Florida Retirement System defined benefit
414program, plus the portion of the contribution rate required in
415s. 112.363(8) that would otherwise be assigned to the Retiree
416Health Insurance Subsidy Trust Fund. Effective July 1, 2001,
417each employer shall contribute on behalf of each participant in
418the optional program an amount equal to 12.49 percent of the
419participant's gross monthly compensation. The department shall
420deduct an amount approved by the Legislature to provide for the
421administration of this program. The payment of the contributions
422to the optional program which is required by this subparagraph
423for each participant shall be made by the employer to the
424department, which shall forward the contributions to the
425designated company or companies contracting for payment of
426benefits for the participant under the program.
427     2.  Each employer shall contribute on behalf of each
428participant in the Senior Management Service Optional Annuity
429Program an amount equal to the unfunded actuarial accrued
430liability portion of the employer contribution which would be
431required for members of the Senior Management Service Class in
432the Florida Retirement System, except as provided in s.
433112.64(2)(b). This contribution shall be paid to the department
434for transfer to the Florida Retirement System Trust Fund.
435     3.  An Optional Annuity Program Trust Fund shall be
436established in the State Treasury and administered by the
437department to make payments to provider companies on behalf of
438the optional annuity program participants, and to transfer the
439unfunded liability portion of the state optional annuity program
440contributions to the Florida Retirement System Trust Fund.
441     4.  Contributions required for social security by each
442employer and each participant, in the amount required for social
443security coverage as now or hereafter may be provided by the
444federal Social Security Act shall be maintained for each
445participant in the Senior Management Service retirement program
446and shall be in addition to the retirement contributions
447specified in this paragraph.
448     5.  Each participant in the Senior Management Service
449Optional Annuity Program may contribute by way of salary
450reduction or deduction a percentage amount of the participant's
451gross compensation not to exceed the percentage amount
452contributed by the employer to the optional annuity program.
453Payment of the participant's contributions shall be made by the
454employer to the department, which shall forward the
455contributions to the designated company or companies contracting
456for payment of benefits for the participant under the program.
457     Section 7.  Paragraph (c) of subsection (9) of section
458121.091, Florida Statutes, is amended to read:
459     121.091  Benefits payable under the system.-Benefits may
460not be paid under this section unless the member has terminated
461employment as provided in s. 121.021(39)(a) or begun
462participation in the Deferred Retirement Option Program as
463provided in subsection (13), and a proper application has been
464filed in the manner prescribed by the department. The department
465may cancel an application for retirement benefits when the
466member or beneficiary fails to timely provide the information
467and documents required by this chapter and the department's
468rules. The department shall adopt rules establishing procedures
469for application for retirement benefits and for the cancellation
470of such application when the required information or documents
471are not received.
472     (9)  EMPLOYMENT AFTER RETIREMENT; LIMITATION.-
473     (c)  Any person whose retirement is effective on or after
474July 1, 2010, or whose participation in the Deferred Retirement
475Option Program terminates on or after July 1, 2010, who is
476retired under this chapter, except under the disability
477retirement provisions of subsection (4) or as provided in s.
478121.053, may be reemployed by an employer that participates in a
479state-administered retirement system and receive retirement
480benefits and compensation from that employer. However, a person
481may not be reemployed by an employer participating in the
482Florida Retirement System before meeting the definition of
483termination in s. 121.021 and may not receive both a salary from
484the employer and retirement benefits for 6 calendar months after
485meeting the definition of termination. However, a DROP
486participant shall continue employment and receive a salary
487during the period of participation in the Deferred Retirement
488Option Program, as provided in subsection (13).
489     1.  The reemployed retiree may not renew membership in the
490Florida Retirement System.
491     2.  The employer shall pay retirement contributions in an
492amount equal to the unfunded actuarial liability portion of the
493employer contribution that would be required for active members
494of the Florida Retirement System in addition to the
495contributions required by s. 121.76, except as provided in s.
496112.64(2)(b).
497     3.  A retiree initially reemployed in violation of this
498paragraph and an employer that employs or appoints such person
499are jointly and severally liable for reimbursement of any
500retirement benefits paid to the retirement trust fund from which
501the benefits were paid, including the Florida Retirement System
502Trust Fund and the Public Employee Optional Retirement Program
503Trust Fund, as appropriate. The employer must have a written
504statement from the employee that he or she is not retired from a
505state-administered retirement system. Retirement benefits shall
506remain suspended until repayment is made. Benefits suspended
507beyond the end of the retiree's 6-month reemployment limitation
508period shall apply toward the repayment of benefits received in
509violation of this paragraph.
510     Section 8.  Subsection (2) of section 121.122, Florida
511Statutes, is amended to read:
512     121.122  Renewed membership in system.-
513     (2)  A retiree of a state-administered retirement system
514who is initially reemployed on or after July 1, 2010, is not
515eligible for renewed membership. Each employer shall contribute
516on behalf of each reemployed retiree ineligible for membership
517under this subsection an amount equal to the unfunded actuarial
518liability portion of the employer contribution which would be
519required for the membership class covering the position held,
520except as provided in s. 112.64(2)(b).
521     Section 9.  Paragraph (b) of subsection (4) of section
522121.35, Florida Statutes, is amended to read:
523     121.35  Optional retirement program for the State
524University System.-
525     (4)  CONTRIBUTIONS.-
526     (b)  Each employer shall contribute on behalf of each
527participant in the optional retirement program an amount equal
528to the unfunded actuarial accrued liability portion of the
529employer contribution which would be required for members of the
530Florida Retirement System, except as provided in s.
531112.64(2)(b). This contribution shall be paid to the department
532for transfer to the Florida Retirement System Trust Fund.
533     Section 10.  Paragraph (b) of subsection (4) of section
5341012.875, Florida Statutes, is amended to read:
535     1012.875  State Community College System Optional
536Retirement Program.-Each community college may implement an
537optional retirement program, if such program is established
538therefor pursuant to s. 1001.64(20), under which annuity or
539other contracts providing retirement and death benefits may be
540purchased by, and on behalf of, eligible employees who
541participate in the program, in accordance with s. 403(b) of the
542Internal Revenue Code. Except as otherwise provided herein, this
543retirement program, which shall be known as the State Community
544College System Optional Retirement Program, may be implemented
545and administered only by an individual community college or by a
546consortium of community colleges.
547     (4)
548     (b)  Each college must contribute on behalf of each program
549participant an amount equal to the unfunded actuarial accrued
550liability portion of the employer contribution which would be
551required if the program participant were a member of the Regular
552Class of the Florida Retirement System, except as provided in s.
553112.64(2)(b). Payment of this contribution must be made directly
554by the college to the department for deposit in the Florida
555Retirement System Trust Fund.
556     Section 11.  The Legislature finds that a proper and
557legitimate state purpose is served when employees and retirees
558of the state and its political subdivisions, and the dependents,
559survivors, and beneficiaries of such employees and retirees, are
560extended the basic protections afforded by governmental
561retirement systems. These persons must be provided benefits that
562are fair and adequate and that are managed, administered, and
563funded in an actuarially sound manner, as required by s. 14,
564Article X of the State Constitution and part VII of chapter 112,
565Florida Statutes. Therefore, the Legislature determines and
566declares that this act fulfills an important state interest.
567     Section 12.  This act shall take effect July 1, 2010.


CODING: Words stricken are deletions; words underlined are additions.
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