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

Senate Bill 0168

Florida Senate - 1998 SB 168 By Senator Burt 16-71A-98 1 A bill to be entitled 2 An act relating to the Florida Retirement 3 System; amending s. 121.052, F.S.; clarifying 4 the benefit payment and calculation procedure 5 under the system; providing for dual 6 calculation of benefits with respect to 7 specified members of the Elected State and 8 County Officers' Class who initially become 9 members of that class on or after a specific 10 date; providing for matters relative thereto; 11 providing an effective date. 12 13 Be It Enacted by the Legislature of the State of Florida: 14 15 Section 1. Paragraph (a) of subsection (12) of section 16 121.052, Florida Statutes, is amended to read: 17 121.052 Membership class of elected state and county 18 officers.-- 19 (12) BENEFITS.-- 20 (a) Upon attaining his or her normal retirement date, 21 a member of the Elected State and County Officers' Class 22 shall, upon application to the administrator, receive a 23 monthly benefit that which shall begin to accrue commence on 24 the first last day of the month of retirement and be payable 25 on the last day of that month and each month thereafter during 26 his or her lifetime. The amount of such monthly benefit shall 27 be calculated by multiplying years of creditable service by 28 the applicable accrual rate to determine the total percentage 29 of accrued service value which shall then be received by the 30 member multiplied by the his or her average monthly 31 compensation. Creditable service under this subsection 1 CODING: Words stricken are deletions; words underlined are additions. Florida Senate - 1998 SB 168 16-71A-98 1 includes The total percentage of accrued value received by a 2 member shall be the sum of the retirement credit earned or 3 purchased as a member of the Elected State and County 4 Officers' Class, and any other retirement credit earned or 5 purchased as a member of an existing system or another class 6 of the Florida Retirement System, together with any additional 7 retirement credit the member he or she has acquired for 8 upgraded service within the purview of the class, wartime 9 military service, or past or prior service. However, in no 10 event shall the member's annual benefit may not exceed the 11 member's average final compensation. 12 1. Except as provided in subparagraph 2., such 13 member's benefit shall be based on all creditable service and 14 the average final compensation attributable to that service. 15 2. The retirement benefit of a member of the Elected 16 State and County Officers' Class who is a legislator or a 17 county commissioner, school board member, or other part-time 18 elected officer with countywide jurisdiction and whose initial 19 date of membership in such class is on or after January 1, 20 1999, and who subsequently earns creditable service in any 21 other class in the Florida Retirement System must be 22 calculated as follows: 23 a. That portion of the member's benefit derived from 24 service in elective office must be calculated separately, 25 based only on the service and average final compensation 26 attributable to that service in elective office; and 27 b. That portion of the member's benefit derived from 28 all other creditable service in the Florida Retirement System 29 or an existing system, regardless of when the service 30 occurred, must be calculated separately, based on the service 31 and average final compensation attributable to that service. 2 CODING: Words stricken are deletions; words underlined are additions. Florida Senate - 1998 SB 168 16-71A-98 1 2 Benefit amounts calculated under sub-subparagraphs a. and b. 3 must be combined and paid as one benefit. Such member must 4 satisfy the requirements for vesting and normal retirement age 5 based on the member's total creditable service as provided in 6 subsection (8) and s. 121.021(29). If less than 5 years of 7 creditable service has been completed for either portion of 8 the benefit, the average final compensation for that portion 9 of the benefit must be the average of the total years of 10 compensation for that service. 11 Section 2. This act shall take effect January 1, 2000. 12 13 ***************************************** 14 SENATE SUMMARY 15 Clarifies the benefit payment and calculation procedure under the Florida Retirement System. 16 Provides for the retirement benefit, for service in that 17 class, of a legislator or countywide-officer member of the Elected State and County Officers' Class of the 18 Florida Retirement System who becomes a member of that class after January 1, 1999, to be calculated separately 19 from the benefit attributable to subsequent service earned in another class under the system. The separate 20 amounts, however, will be combined and paid as a single benefit. 21 22 23 24 25 26 27 28 29 30 31 3