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

House Bill 1791

Florida House of Representatives - 1997 HB 1791 By Representative Stabins 1 A bill to be entitled 2 An act relating to the Florida Retirement 3 System; amending s. 121.021, F.S.; redefining 4 the term "normal retirement date"; amending s. 5 121.091, F.S.; providing an additional 6 disability retirement benefit for a member 7 whose disability occurred in the line of duty 8 if the member is a member of the Special Risk 9 Class; providing legislative intent; providing 10 an effective date. 11 12 Be It Enacted by the Legislature of the State of Florida: 13 14 Section 1. Paragraph (c) of subsection (29) of section 15 121.021, Florida Statutes, 1996 Supplement, is amended to 16 read: 17 121.021 Definitions.--The following words and phrases 18 as used in this chapter have the respective meanings set forth 19 unless a different meaning is plainly required by the context: 20 (29) "Normal retirement date" means the first day of 21 any month following the date a member attains one of the 22 following statuses: 23 (c) If a special risk member: 24 1. Completes 10 or more years of creditable service 25 and attains age 55; 26 2. Completes 20 25 years of creditable service, 27 regardless of age; or 28 3. Completes 20 25 years of creditable service, which 29 may include a maximum of 4 years of military service credit, 30 and attains age 52; or 31 1 CODING: Words stricken are deletions; words underlined are additions. Florida House of Representatives - 1997 HB 1791 535-173-97 1 "Normal retirement age" is attained on the "normal retirement 2 date." 3 Section 2. Paragraph (d) of subsection (4) of section 4 121.091, Florida Statutes, 1996 Supplement, is amended to 5 read: 6 121.091 Benefits payable under the system.--No 7 benefits shall be paid under this section unless the member 8 has terminated employment as provided in s. 121.021(39) and a 9 proper application has been filed in the manner prescribed by 10 the division. 11 (4) DISABILITY RETIREMENT BENEFIT.-- 12 (d) Disability retirement benefit.--Upon the 13 retirement of a member on his or her disability retirement 14 date, the member shall receive a monthly benefit which shall 15 begin to accrue on the first day of the month of disability 16 retirement and shall be payable on the last day of that month 17 and each month thereafter during his or her lifetime and 18 continued disability. The amount of each monthly payment shall 19 be computed in the same manner as for a normal retirement 20 benefit, in accordance with subsection (1), but based on 21 disability option actuarial equivalency tables and the average 22 monthly compensation and creditable service of the member as 23 of the disability retirement date, subject to the following 24 conditions: 25 1. If the member's disability occurred in the line of 26 duty, the monthly Option 1 benefit shall not be less than: 27 a. Forty-two 42 percent of average monthly 28 compensation as of the disability retirement date; or 29 b. Sixty percent of the average monthly compensation 30 as of the disability retirement date if he was a member of the 31 Special Risk Class; or 2 CODING: Words stricken are deletions; words underlined are additions. Florida House of Representatives - 1997 HB 1791 535-173-97 1 2. If the member's disability occurred other than in 2 the line of duty, the monthly Option 1 benefit shall not be 3 less than 25 percent of average monthly compensation as of the 4 disability retirement date. 5 Section 3. The Legislature finds that a proper and 6 legitimate state purpose is served when employees and retirees 7 of the state and of its political subdivisions, and the 8 dependents, survivors, and beneficiaries of such employees and 9 retirees, are extended the basic protections afforded by 10 governmental retirement systems that provide fair and adequate 11 benefits and that are managed, administered, and funded in an 12 actuarially sound manner, as required by s. 14 of Art. X of 13 the State Constitution and part VII of chapter 112 of the 14 Florida Statutes. Therefore, the Legislature hereby determines 15 and declares that the provisions of this act fulfill an 16 important state interest. 17 Section 4. This act shall take effect January 1, 1998. 18 19 ***************************************** 20 HOUSE SUMMARY 21 Revises the definition of the term "normal retirement 22 date" with respect to special risk members of the Florida Retirement System to provide that the normal retirement 23 date can be when a member of the Special Risk Class completes 20 years of creditable service, regardless of 24 age, or when the member completes 20 years of creditable service, which may include a maximum of 4 years of 25 military service credit, and attains age 52. 26 Revises the provision of law governing disability 27 retirement benefits to provide that if the member's disability occurred in the line of duty, his monthly 28 Option 1 benefit shall be not less than 60 percent of the average monthly compensation as of the disability 29 retirement date if he was a member of the Special Risk Class. 30 31 3