Senate Bill 2044
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Florida Senate - 1998 SB 2044
By Senator Meadows
30-556D-98
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 terms "normal retirement date" and "early
5 retirement date" to provide for retirement
6 after 5 years of service and attainment of the
7 age requirement for the appropriate class of
8 the system; defining the term "vested";
9 amending ss. 121.052, 121.053, 121.055,
10 121.091, 121.111, 121.1115, 121.1122, 121.121,
11 F.S.; conforming such sections to the changes
12 made by the act; increasing contribution rates
13 to fund the provisions of the act; providing a
14 declaration of important state interest;
15 providing an effective date.
16
17 Be It Enacted by the Legislature of the State of Florida:
18
19 Section 1. Subsections (29) and (30) of section
20 121.021, Florida Statutes, are amended, and subsection (45) is
21 added to that section, to read:
22 121.021 Definitions.--The following words and phrases
23 as used in this chapter have the respective meanings set forth
24 unless a different meaning is plainly required by the context:
25 (29) "Normal retirement date" means the first day of
26 any month following the date on which a member attains one of
27 the following statuses:
28 (a) If a Regular Class member, the member:
29 1. Completes 5 10 or more years of creditable service
30 and attains age 62; or
31
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1 2.(b) Completes 30 years of creditable service, which
2 may include a maximum of 4 years of military service credit,
3 so long as such credit is not claimed under any other system,
4 regardless of age;
5 (b)(c) If a Special Risk Class member, the member:
6 1. Completes 5 10 or more years of creditable service
7 and attains age 55;
8 2. Completes 25 years of creditable service,
9 regardless of age; or
10 3. Completes 25 years of creditable service, which may
11 include a maximum of 4 years of military service credit not
12 claimed under any other system, and attains age 52; or
13 (c)(d) If a Senior Management Service Class member,
14 the member:
15 1. Completes 5 7 years of creditable service in the
16 Senior Management Service Class and attains age 62; or
17 2. Completes 30 years of creditable service, which may
18 include a maximum of 4 years of military service credit not
19 claimed under any other system, regardless of age; or.
20 (d) If an Elected State and County Officers' Class
21 member, the member:
22 1. Completes 5 or more years of creditable service and
23 attains age 62; or
24 2. Completes 30 years of creditable service, which may
25 include a maximum of 4 years of military service not claimed
26 under any other system, regardless of age.
27
28 "Normal retirement age" is attained on the "normal retirement
29 date."
30 (30) "Early retirement date" means the first day of
31 the month following the date a member completes 5 10 years of
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1 creditable service and elects to receive retirement benefits
2 in accordance with this chapter. Such benefits shall be based
3 on average monthly compensation and creditable service as of
4 the member's early retirement date, and the benefit so
5 computed shall be reduced by five-twelfths of 1 percent for
6 each complete month by which the early retirement date
7 precedes his or her normal retirement date as provided in s.
8 121.091(3).
9 (45) "Vested" means the guarantee that a member is
10 eligible to receive a future retirement benefit upon
11 completion of the required years of creditable service for the
12 employee's class of membership even though the member may have
13 terminated covered employment before reaching his or her
14 normal or early retirement date. Being vested does not entitle
15 a member to a disability benefit based on a disability caused
16 by an injury or disease that occurs after termination of
17 covered employment.
18 Section 2. Subsection (8) and paragraphs (b) and (c)
19 of subsection (12) of section 121.052, Florida Statutes, are
20 amended to read:
21 121.052 Membership class of elected state and county
22 officers.--
23 (8) NORMAL RETIREMENT DATE; VESTING REQUIREMENT.--A
24 member of the Elected State and County Officers' Class shall
25 have the same normal retirement date as defined in s.
26 121.021(29) for a member of the regular class of the Florida
27 Retirement System, except that only 5 8 years of creditable
28 service in this class are needed to attain the normal
29 retirement date specified in s. 121.021(29)(a). Any public
30 service commissioner who was removed from the Elected State
31 Officers' Class on July 1, 1979, after attaining at least 8
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1 years of creditable service in that class shall be considered
2 to have reached the normal retirement date upon attaining age
3 62 as required in s. 121.021(29)(a).
4 (12) BENEFITS.--
5 (b) The benefit provisions of s. 121.091(2)-(6), (8),
6 (9), and (11), relating to benefits payable for dual normal
7 retirement ages, early retirement, disability retirement,
8 termination benefits, optional forms of retirement,
9 designation of beneficiaries, employment after retirement, and
10 method of computing actuarial equivalent, respectively, shall
11 also apply to members of the Elected State and County
12 Officers' Class, except that only 5 8 years of creditable
13 service in this class are needed to attain the benefits
14 specified in s. 121.091(3) and (5). These provisions shall be
15 construed in such manner as to make them compatible with the
16 provisions of this section.
17 (c) The benefit provisions of s. 121.091(7), relating
18 to death benefits, shall apply to members of the Elected State
19 and County Officers' Class and shall be construed in such
20 manner as to make them compatible with the provisions of this
21 section; however, only 5 8 years of creditable service in this
22 class are needed to obtain such benefits, except that:
23 1. In the event any elected official dies in office
24 who would have been vested under had 8 years of creditable
25 service in the Elected State and County Officers' Class, or 10
26 years of creditable service in any other class of the Florida
27 Retirement System or any other state-administered retirement
28 system, if the official had lived to complete his or her term
29 of office, the official's spouse may elect to leave the
30 official's retirement contributions in the retirement trust
31 fund and pay into said fund any required contributions which
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1 would have been paid by the officer or the employer had the
2 officer lived to complete the term of office.
3 2. If a deceased member's surviving spouse as
4 described in subparagraph 1. previously received a refund of
5 the member's contributions made to the retirement trust fund,
6 the surviving spouse may pay into the retirement trust fund an
7 amount equal to the deceased member's contributions previously
8 refunded, together with interest at 4 percent compounded
9 annually on the amount of such refunded contributions from the
10 date of refund until July 1, 1975, and at 6.5 percent
11 compounded annually thereafter to the date of payment, plus
12 such additional contributions as may be required under
13 subparagraph 1., in order to become vested qualify for 8 or 10
14 years of creditable service, as applicable.
15
16 Upon conclusion of the term of office to which the deceased
17 officer was elected, a spouse who pays into the retirement
18 trust fund such additional or refunded contributions, plus
19 interest, shall be eligible to receive a monthly benefit in
20 the same manner as the surviving spouse of a member who dies
21 after accumulating the required number of years of creditable
22 service as described herein.
23 Section 3. Paragraph (b) of subsection (1) of section
24 121.053, Florida Statutes, is amended to read:
25 121.053 Participation in the Elected State and County
26 Officers' Class for retired members.--
27 (1)
28 (b) Any retired member of the Florida Retirement
29 System, or any existing system as defined in s. 121.021(2),
30 who, on or after July 1, 1990, is serving in, or is elected or
31 appointed to, an elective office covered by the Elected State
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1 and County Officers' Class shall be enrolled in the
2 appropriate subclass of the Elected State and County Officers'
3 Class of the Florida Retirement System, and applicable
4 contributions shall be paid into the Florida Retirement System
5 Trust Fund as provided in s. 121.052(7). Pursuant thereto:
6 1. Any such retired member shall be eligible to
7 continue to receive retirement benefits as well as
8 compensation for the elected officer service for as long as he
9 or she remains in an elective office covered by the Elected
10 State and County Officers' Class.
11 2. If any such member serves in an elective office
12 covered by the Elected State and County Officers' Class and
13 becomes vested for a period of at least 8 years, he or she
14 shall be entitled to receive an additional retirement benefit
15 for such elected officer service.
16 3. Such member shall be entitled to purchase
17 additional retirement credit in the Elected State and County
18 Officers' Class for any postretirement service performed in an
19 elected position eligible for the Elected State and County
20 Officers' Class prior to July 1, 1990, or in the Regular Class
21 for any postretirement service performed in any other
22 regularly established position prior to July 1, 1991, by
23 paying the applicable Elected State and County Officers' Class
24 or Regular Class employee and employer contributions for the
25 period being claimed, plus 4 percent interest compounded
26 annually from the first year of service claimed until July 1,
27 1975, and 6.5 percent interest compounded thereafter, until
28 full payment is made to the Florida Retirement System Trust
29 Fund. The contribution for postretirement Regular Class
30 service between July 1, 1985, and July 1, 1991, for which the
31 reemployed retiree contribution was paid, shall be the
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1 difference between such contribution and the total applicable
2 contribution for the period being claimed, plus interest. The
3 employer of such member may pay the applicable employer
4 contribution in lieu of the member.
5 4. No creditable service for which credit was
6 received, or which remained unclaimed, at retirement may be
7 claimed or applied toward service credit earned following
8 renewed membership. However, service earned in accordance with
9 the renewed membership provisions in s. 121.122 may be used in
10 conjunction with creditable service earned under this
11 paragraph, provided applicable vesting requirements and other
12 existing statutory conditions required by this chapter are
13 met.
14 Section 4. Paragraph (b) of subsection (4) of section
15 121.055, Florida Statutes, is amended to read:
16 121.055 Senior Management Service Class.--There is
17 hereby established a separate class of membership within the
18 Florida Retirement System to be known as the "Senior
19 Management Service Class," which shall become effective
20 February 1, 1987.
21 (4)
22 (b) Service in an eligible position prior to February
23 1, 1987, or after January 31, 1987, shall satisfy the
24 requirement of attaining the normal retirement date as defined
25 in s. 121.021(29) for a Senior Management Service Class
26 member, provided the employee is a member of the Senior
27 Management Service Class after January 31, 1987. A member of
28 this class who fails to complete 5 7 years of creditable
29 service in an eligible position shall be required to satisfy
30 the requirements for the normal retirement date for a regular
31 member as provided in s. 121.021(29).
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1 Section 5. Paragraphs (a), (e), and (g) of subsection
2 (4), paragraphs (a) and (b) of subsection (5), and paragraphs
3 (a), (b), (f), and (g) of subsection (7) of section 121.091,
4 Florida Statutes, are amended to read:
5 121.091 Benefits payable under the system.--No
6 benefits shall be paid under this section unless the member
7 has terminated employment as provided in s. 121.021(39)(a) or
8 begun participation in the Deferred Retirement Option Program
9 as provided in subsection (13), and a proper application has
10 been filed in the manner prescribed by the division.
11 (4) DISABILITY RETIREMENT BENEFIT.--
12 (a) Disability retirement date.--A member who becomes
13 totally and permanently disabled, as defined in paragraph (b),
14 after completing 5 years of creditable service, or a member
15 who becomes totally and permanently disabled in the line of
16 duty regardless of service, shall be entitled to a monthly
17 disability benefit; except that any member with less than 5
18 years of creditable service on July 1, 1980, or any person who
19 becomes a member of the Florida Retirement System on or after
20 such date must have completed 10 years of creditable service
21 prior to becoming totally and permanently disabled in order to
22 receive disability retirement benefits for any disability
23 which occurs other than in the line of duty. But in the event
24 that any member employed on July 1, 1980, with less than 5
25 years of creditable service as of that date, becomes totally
26 and permanently disabled after completing 5 years of
27 creditable service and is found not to have attained fully
28 insured status for benefits under the federal Social Security
29 Act, such member shall be entitled to a monthly disability
30 benefit. The disability retirement date shall be the first
31 day of the month which coincides with or next follows the date
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1 the administrator approves payment of disability retirement
2 benefits to the member.
3 (e) Recovery from disability.--The administrator may
4 require periodic reexaminations at the expense of the
5 retirement fund, and:
6 1. If the administrator finds that a member who is
7 receiving disability benefits is, at any time prior to his or
8 her normal retirement date, no longer disabled, the
9 administrator shall direct that the benefits be discontinued.
10 The decision of the administrator on this question shall be
11 final and binding.
12 2. If the member, described in subparagraph 1., who
13 recovers from such disability prior to the normal retirement
14 date does not reenter the employ of an employer and had not
15 become vested completed 10 years of creditable service as of
16 the disability retirement date, he or she shall be entitled to
17 the excess, if any, of his or her accumulated contributions
18 over the total disability benefits received up to the date of
19 recovery.
20 3. If the member, described in subparagraph 1., who
21 recovers from such disability prior to the normal retirement
22 date does not reenter the employ of an employer but had become
23 vested completed 10 or more years of creditable service as of
24 the disability retirement date, he or she may elect to
25 receive:
26 a. The excess, if any, of his or her accumulated
27 contributions over the total disability benefits received up
28 to the date of recovery, or
29 b. A deferred benefit commencing on the last day of
30 the month of the normal retirement date which shall be payable
31 on the last day of the month thereafter during his or her
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1 lifetime. The amount of such monthly benefit shall be
2 computed in the same manner as for a normal retirement
3 benefit, in accordance with subsection (1), but based on
4 average monthly compensation and creditable service as of the
5 member's disability retirement date.
6 4. If the member recovers from disability and reenters
7 employment of an employer within 6 months after recovery, the
8 member's service will be deemed to have been continuous, but
9 the period beginning with the first month for which he or she
10 received a disability benefit payment and ending with the date
11 he or she reentered employment will not be considered as
12 creditable service for the purpose of computing benefits
13 except as provided in subparagraph 5. The term "accumulated
14 contributions" for such member wherever used in this section
15 after such recovery means the excess of a member's accumulated
16 contributions as of the disability retirement date over total
17 disability benefits received under paragraph (d).
18 5. If the member recovers from disability, has his or
19 her disability benefit terminated, reenters covered
20 employment, and is continuously employed for a minimum of 1
21 year of creditable service, he or she may claim as creditable
22 service the months during which he or she was receiving a
23 disability benefit, upon payment of the required
24 contributions. Contributions shall equal the total required
25 employee and employer contribution rate during the period the
26 retiree received retirement benefits, multiplied times his or
27 her rate of monthly compensation prior to the commencement of
28 disability retirement for each month of the period claimed,
29 plus 4 percent interest until July 1, 1975, and 6.5 percent
30 interest thereafter on such contributions, compounded annually
31 each June 30 to the date of payment. If the member does not
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1 claim credit for all of the months he or she received
2 disability benefits, the months claimed must be the most
3 recent months of retirement.
4 6. If after recovery of disability and reentry into
5 covered employment, the member again becomes disabled and is
6 again approved for disability retirement, the Option 1 monthly
7 retirement benefit shall not be less than the Option 1 monthly
8 benefit calculated at the time of the previous disability,
9 plus any cost of living increases up to the time the
10 disability benefit was terminated upon his or her reentry into
11 covered employment.
12 (g) Disability retirement of justice or judge by order
13 of Supreme Court.--
14 1. If a member is a justice of the Supreme Court,
15 judge of a district court of appeal, circuit judge, or judge
16 of a county court who has served for 5 10 years or more as an
17 elected constitutional judicial officer, including service as
18 a judicial officer in any court abolished pursuant to Art. V
19 of the State Constitution, and who is retired for disability
20 by order of the Supreme Court upon recommendation of the
21 Judicial Qualifications Commission pursuant to the provisions
22 of Art. V of the State Constitution, the member's Option 1
23 monthly benefit as provided in subparagraph (6)(a)1. shall not
24 be less than two-thirds of his or her monthly compensation as
25 of the member's disability retirement date. Such a member may
26 alternatively elect to receive a disability retirement benefit
27 under any other option as provided in paragraph (6)(a).
28 2. Should any justice or judge who is a member of the
29 Florida Retirement System be retired for disability by order
30 of the Supreme Court upon recommendation of the Judicial
31 Qualifications Commission pursuant to the provisions of Art. V
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1 of the State Constitution, then all contributions to his or
2 her account and all contributions made on his or her behalf by
3 the employer shall be transferred to and deposited in the
4 General Revenue Fund of the state, and there is hereby
5 appropriated annually out of the General Revenue Fund, to be
6 paid into the Florida Retirement System Fund, an amount
7 necessary to pay the benefits of all justices and judges
8 retired from the Florida Retirement System pursuant to Art. V
9 of the State Constitution.
10 (5) TERMINATION BENEFITS.--
11 (a) A member whose employment is terminated for any
12 reason other than death or retirement prior to becoming vested
13 the completion of 10 years of creditable service shall be
14 entitled to the return of his or her accumulated contributions
15 as of the date of termination.
16 (b) A member whose employment is terminated for any
17 reason other than death or retirement after becoming vested
18 the completion of 10 years of creditable service may elect to
19 receive a deferred monthly benefit which shall begin to accrue
20 on the first day of the month of normal or early retirement
21 and shall be payable on the last day of that month and each
22 month thereafter during his or her lifetime. The amount of
23 monthly benefit shall be computed in the same manner as for a
24 normal retirement benefit in accordance with subsection (1) or
25 early retirement benefit in accordance with s. 121.021(30),
26 but based on average monthly compensation and creditable
27 service as of the date of termination.
28 (7) DEATH BENEFITS.--
29 (a) If the employment of a member is terminated by
30 reason of his or her death before he or she becomes vested
31 prior to the completion of 10 years of creditable service,
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1 there shall be payable to his or her designated beneficiary
2 the member's accumulated contributions.
3 (b) If the employment of an active member who may or
4 may not have applied for retirement is terminated by reason of
5 his or her death subsequent to becoming vested the completion
6 of 10 years of creditable service and prior to his or her
7 effective date of retirement, if established, it shall be
8 assumed that the member retired as of the date of death in
9 accordance with subsection (1) if eligible for normal
10 retirement benefits, subsection (2) if eligible for benefits
11 payable for dual normal retirement, or subsection (3) if
12 eligible for early retirement benefits. Benefits payable to
13 the designated beneficiary shall be as follows:
14 1. For a beneficiary who qualifies as a joint
15 annuitant, the optional form of payment provided in accordance
16 with subparagraph (6)(a)3. shall be paid for the joint
17 annuitant's lifetime.
18 2. For a beneficiary who does not qualify as a joint
19 annuitant, no continuing monthly benefit shall be paid and the
20 beneficiary shall be entitled only to the return of the
21 member's personal contributions.
22 (f) Notwithstanding any other provisions in this
23 chapter to the contrary, if any member who has become vested
24 accumulated at least 10 years of creditable service dies and
25 the surviving spouse receives a refund of the accumulated
26 contributions made to the retirement trust fund, such spouse
27 may pay to the Division of Retirement an amount equal to the
28 sum of the amount of the deceased member's accumulated
29 contributions previously refunded plus interest at 4 percent
30 compounded annually each June 30 from the date of refund until
31 July 1, 1975, and 6.5 percent interest compounded annually
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1 thereafter, until full payment is made, and receive the
2 monthly retirement benefit as provided in paragraph (b).
3 (g) The designated beneficiary who is the surviving
4 spouse or other dependent of a member whose employment is
5 terminated by death subsequent to becoming vested the
6 completion of 10 years of creditable service but prior to
7 actual retirement may elect to receive a deferred monthly
8 benefit as if the member had lived and had elected a deferred
9 monthly benefit, as provided in paragraph (5)(b), calculated
10 on the basis of the average final compensation and creditable
11 service of the member at his or her death and the age the
12 member would have attained on the commencement date of the
13 deferred benefit elected by the beneficiary, paid in
14 accordance with option 3 of paragraph (6)(a).
15 Section 6. Subsection (2) of section 121.111, Florida
16 Statutes, is amended to read:
17 121.111 Credit for military service.--
18 (2) Any member whose initial date of employment is
19 before January 1, 1987, who has military service as defined in
20 s. 121.021(20)(b), and who does not claim such service under
21 subsection (1) may receive creditable service for such
22 military service if:
23 (a) The member has become vested completed a minimum
24 of 10 years of creditable service;
25 (b) Creditable service, not to exceed a total of 4
26 years, is claimed only as service earned in the Regular Class
27 of membership; and
28 (c) The member pays into the proper retirement trust
29 fund 4 percent of gross salary, based upon his or her first
30 year of salary subsequent to July 1, 1945, that he or she has
31 credit for under this system, plus 4 percent interest thereon
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1 compounded annually from the date of first creditable service
2 under this chapter until July 1, 1975, and 6.5 percent
3 interest compounded annually thereafter, until payment is made
4 to the proper retirement trust fund.
5 Section 7. Paragraph (b) of subsection (1) of section
6 121.1115, Florida Statutes, is amended to read:
7 121.1115 Purchase of retirement credit for
8 out-of-state and federal service.--Effective January 1, 1995,
9 a member of the Florida Retirement System may purchase
10 creditable service for periods of public employment in another
11 state and receive creditable service for such periods of
12 employment. Service with the Federal Government, including any
13 military service, may be claimed. Upon completion of each year
14 of service earned under the Florida Retirement System, a
15 member may purchase up to 1 year of retirement credit for his
16 or her out-of-state service, subject to the following
17 provisions:
18 (1) LIMITATIONS AND CONDITIONS.--To receive credit for
19 the out-of-state service:
20 (b) The member must have become vested completed a
21 minimum of 10 years of creditable service under the Florida
22 Retirement System, excluding out-of-state service and in-state
23 service claimed and purchased under s. 121.1122.
24 Section 8. Paragraph (a) of subsection (2) of section
25 121.1122, Florida Statutes, is amended to read:
26 121.1122 Purchase of retirement credit for in-state
27 public service and in-state service in accredited nonpublic,
28 nonsectarian schools and colleges, including charter
29 schools.--Effective January 1, 1998, a member of the Florida
30 Retirement System may purchase creditable service for periods
31
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1 of certain public or nonpublic, nonsectarian employment
2 performed in this state, as provided in this section.
3 (2) LIMITATIONS AND CONDITIONS.--
4 (a) A member is not eligible to receive credit for
5 in-state service under this section until he or she has become
6 vested completed 10 years of creditable service under the
7 Florida Retirement System, excluding service purchased under
8 this section and out-of-state service claimed and purchased
9 under s. 121.1115.
10 Section 9. Section 121.121, Florida Statutes, is
11 amended to read:
12 121.121 Future service to include authorized leaves of
13 absence.--Future service of any member as defined in s.
14 121.021(21) shall also include up to 2 work years of
15 creditable service for authorized leaves of absence if:
16 (1) The member has become vested completed a minimum
17 of 10 years of creditable service, excluding periods of leave
18 of absence;
19 (2) The leave of absence is authorized in writing by
20 the employer of the member and approved by the administrator;
21 (3) The member returns to active employment performing
22 service with a Florida Retirement System employer in a
23 regularly established position immediately upon termination of
24 the leave of absence and remains on the employer's payroll for
25 1 calendar month, except that a member who retires on
26 disability while on a medical leave of absence shall not be
27 required to return to employment; and
28 (4) The member makes the required contributions for
29 service credit during the leave of absence, which shall be 8
30 percent until January 1, 1975, and 9 percent thereafter of his
31 or her rate of monthly compensation in effect immediately
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1 prior to the commencement of such leave for each month of such
2 period, plus 4 percent interest until July 1, 1975, and 6.5
3 percent interest thereafter on such contributions, compounded
4 annually each June 30 from the due date of the contribution to
5 date of payment. Effective July 1, 1980, any leave of absence
6 purchased pursuant to this section shall be at the
7 contribution rates specified in s. 121.071 in effect at the
8 time the leave is granted for the class of membership from
9 which the leave of absence was granted; however, any member
10 who purchased leave-of-absence credit prior to July 1, 1980,
11 for a leave of absence from a position in a class other than
12 the regular membership class, may pay the appropriate
13 additional contributions plus compound interest thereon and
14 receive creditable service for such leave of absence in the
15 membership class from which the member was granted the leave
16 of absence.
17 Section 10. Effective January 1, 1999, to fund the
18 provisions of this act, the contribution rates applicable to
19 the Regular Class of the Florida Retirement System shall be
20 increased by 0.48 percentage points, the contribution rates
21 applicable to regular members of the Special Risk Class shall
22 be increased by 0.96 percentage points, the contribution rates
23 applicable to administrative members of the Special Risk Class
24 shall be increased by 0.47 percentage points, the contribution
25 rates applicable to judicial members of the Elected State and
26 County Officers' Class shall be increased by 0.45 percent, the
27 contribution rates applicable to legislative, attorney, and
28 Cabinet members of the Elected State and County Officers'
29 Class shall be increased by 0.65 percentage points, the
30 contribution rates applicable to county and certain municipal
31 and special-district members of the Elected State and County
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1 Officers' Class shall be increased by 0.30 percentage points,
2 and the contribution rates applicable to members of the Senior
3 Management Service Class of the Florida Retirement System
4 shall be increased by 0.19 percentage points. These increases
5 shall be in addition to all other changes to such contribution
6 rates which may be enacted into law to take effect on that
7 date.
8 Section 11. The Legislature finds that a proper and
9 legitimate state purpose is served when employees and retirees
10 of the state and of its political subdivisions, and the
11 dependents, survivors, and beneficiaries of such employees and
12 retirees, are extended the basic protections afforded by
13 governmental retirement systems that provide fair and adequate
14 benefits and that are managed, administered, and funded in an
15 actuarially sound manner, as required by section 14, Article X
16 of the State Constitution and part VII of chapter 112 of the
17 Florida Statutes. Therefore, the Legislature hereby
18 determines and declares that this act fulfills an important
19 state interest.
20 Section 12. This act shall take effect January 1,
21 1999.
22
23 *****************************************
24 SENATE SUMMARY
25 Revises the definitions of the terms "normal retirement
date" and "early retirement date" under the Florida
26 Retirement System and defines the term "vested."
Effective January 1, 1999, the normal retirement date
27 will be reached after 5 years of service and attainment
of the age requirement for the respective class under the
28 system. Increases the rate of employer contributions in
order to finance these changes.
29
30
31
18