Senate Bill 0914

    Florida Senate - 2000                                   SB 914

    By Senator Klein





    28-747-00                                           See HB 635

  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 "average final compensation"; revising

  5         the term as applied to municipal, county, and

  6         fire control district firefighters; providing

  7         an effective date.

  8

  9  Be It Enacted by the Legislature of the State of Florida:

10

11         Section 1.  Subsection (24) of section 121.021, Florida

12  Statutes, is amended to read:

13         121.021  Definitions.--The following words and phrases

14  as used in this chapter have the respective meanings set forth

15  unless a different meaning is plainly required by the context:

16         (24)  "Average final compensation" means the average of

17  the 5 highest fiscal years of compensation for creditable

18  service prior to retirement, termination, or death. For

19  municipal, county, and fire control district fire fighters who

20  participate in the Florida Retirement System, the "average

21  final compensation" shall be the average of the 3 highest

22  fiscal years of compensation for creditable service prior to

23  retirement, termination, or death.  For in-line-of-duty

24  disability benefits, if less than 5 years of creditable

25  service have been completed, the term "average final

26  compensation" means the average annual compensation of the

27  total number of years of creditable service.  Each year used

28  in the calculation of average final compensation shall

29  commence on July 1.

30         (a)  The average final compensation shall include:

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






    Florida Senate - 2000                                   SB 914
    28-747-00                                           See HB 635




  1         1.  Accumulated annual leave payments, not to exceed

  2  500 hours; and

  3         2.  All payments defined as compensation in subsection

  4  (22).

  5         (b)  The average final compensation shall not include:

  6         1.  Compensation paid to professional persons for

  7  special or particular services;

  8         2.  Payments for accumulated sick leave made due to

  9  retirement or termination;

10         3.  Payments for accumulated annual leave in excess of

11  500 hours;

12         4.  Bonuses as defined in subsection (47);

13         5.  Third party payments made on and after July 1,

14  1990; or

15         6.  Fringe benefits (for example, automobile allowances

16  or housing allowances).

17         Section 2.  This act shall take effect upon becoming a

18  law.

19

20            *****************************************

21                       LEGISLATIVE SUMMARY

22
      Redefines the term "average final compensation" under the
23    Florida Retirement System to provide that for municipal,
      county, and fire control district firefighters who
24    participate in the system, average final compensation
      shall be the average of the 3 highest fiscal years of
25    compensation for creditable service prior to retirement,
      termination, or death.
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