CODING: Words stricken are deletions; words underlined are additions.
HOUSE AMENDMENT
Bill No. CS/CS/HB 3491
Amendment No. 02 (for drafter's use only)
CHAMBER ACTION
Senate House
.
.
1 .
.
2 .
.
3 .
.
4
5 ORIGINAL STAMP BELOW
6
7
8
9
10
11 Representative(s) Boyd offered the following:
12
13 Amendment (with title amendment)
14 On page 30, between lines 8 and 9, of the bill
15
16 insert:
17 (3)(a) EARLY RETIREMENT BENEFIT.--Upon retirement on
18 his or her early retirement date, the member shall receive an
19 immediate monthly benefit which shall begin to accrue on the
20 first day of the month of the retirement date and be payable
21 on the last day of that month and each month thereafter during
22 his or her lifetime. The amount of each monthly payment shall
23 be computed in the same manner as for a normal retirement
24 benefit, in accordance with subsection (1), but based on
25 average final monthly compensation and creditable service as
26 of the member's early retirement date. The benefit so
27 computed shall be reduced by five-twelfths of 1 percent for
28 each complete month by which the early retirement date
29 precedes the normal retirement date of age 62 for a regular
30 member of the Regular Class, Senior Management Service Class,
31 or a member of the Elected State and County Officers' Class,
1
File original & 9 copies 04/20/98
hgo0002 02:50 pm 03491-0010-804499
HOUSE AMENDMENT
Bill No. CS/CS/HB 3491
Amendment No. 02 (for drafter's use only)
1 and age 55 for a member of the special risk class member or
2 age 52 if a special risk member has completed 25 years of
3 creditable service in accordance with s. 121.021(29)(c)3.
4 However, if the employment of a member is terminated by reason
5 of death subsequent to the completion of 20 years of
6 creditable service, the monthly benefit payable to the
7 member's beneficiary shall be calculated in accordance with
8 subsection (1), but based on average monthly compensation and
9 creditable service as of the date of death. The benefit so
10 computed shall be reduced by five-twelfths of 1 percent for
11 each complete month by which death precedes the normal
12 retirement date specified above or the date on which the
13 member would have attained 30 years of creditable service had
14 he or she survived and continued his or her employment,
15 whichever provides a higher benefit.
16 (b) Effective January 1, 1999, if a member of the
17 Regular Class, the Senior Management Service Class, or the
18 Elected State and County officers' Class retires after
19 reaching age 50 and after completing 25 years of creditable
20 service, but before reaching his or her normal retirement
21 date, the member's monthly retirement benefit shall be
22 calculated in accordance with subsection (1), but based on the
23 member's average final compensation and creditable service as
24 of the member's early retirement date. The benefit so
25 computed shall be reduced by five-twelfths of 1 percent for
26 each complete month by which the member's termination of
27 employment precedes the normal retirement date of age 62, or
28 five-twelfths of 1 percent for each complete month by which
29 the member's actual creditable service earned as of his or her
30 early retirement date is less that the 30 years of creditable
31 service required for normal retirement, whichever provides a
2
File original & 9 copies 04/20/98
hgo0002 02:50 pm 03491-0010-804499
HOUSE AMENDMENT
Bill No. CS/CS/HB 3491
Amendment No. 02 (for drafter's use only)
1 greater benefit.
2
3
4 ================ T I T L E A M E N D M E N T ===============
5 And the title is amended as follows:
6 On page 1, line 31,
7
8 insert after the semicolon:
9 modifying the method used to calculate the
10 early retirement penalty for members of the
11 Regular Class, Senior Management Serivce Class,
12 and Elected State and County Officers' Class;
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
3
File original & 9 copies 04/20/98
hgo0002 02:50 pm 03491-0010-804499