SENATE AMENDMENT
Bill No. CS for SB 2
Amendment No. ___ Barcode 903260
CHAMBER ACTION
Senate House
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11 Senator Burt moved the following amendment to amendment
12 (982212):
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14 Senate Amendment (with title amendment)
15 On page 4, line 28, through page 5, line 13, delete
16 those lines
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18 and insert:
19 Section 2. For those members with creditable service
20 in the Florida Retirement System Special Risk Class who have
21 retirement service credit in the Special Risk Class after
22 September 30, 1978, and before January 1, 1993, and who
23 retired or entered the Deferred Retirement Option Program of
24 the Florida Retirement System prior to July 1, 2000, such
25 members, or their beneficiaries if the member is deceased,
26 shall receive a one-time special cost-of-living increase on
27 January 1, 2002, equal to 12 percent of their gross retirement
28 benefit. Such increase shall be in addition to the normal
29 cost-of-living increase provided to such members on July 1,
30 2001.
31 Section 3. It is the intent of the Legislature that
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4:50 PM 05/03/01 s0002c1c-1610a
SENATE AMENDMENT
Bill No. CS for SB 2
Amendment No. ___ Barcode 903260
1 the costs attributable to the additional cost-of-living
2 increase for special risk retirees and Deferred Retirement
3 Option Program participants as provided under section 2 shall
4 be funded by recognition of excess actuarial assets, amortized
5 over 30 years with the payments assumed to remain relatively
6 stable when expressed as a percentage of payroll. For fiscal
7 year 2001-2002, the payment shall be $9.3 million. For fiscal
8 year 2002-2003, the payment shall be $19 million, and,
9 thereafter, payments shall increase by 5 percent per year. If
10 insufficient funds are available to fund this additional cost
11 through recognition of excess actuarial assets in fiscal year
12 2002-2003 and any year thereafter, and there remains an
13 unfunded actuarial liability attributable to the one-time
14 cost-of-living increase provided under section 2, the payroll
15 contribution rate for the Special Risk Class of the Florida
16 Retirement System shall be increased by .93 percent effective
17 July 1 of that year, unless the Legislature provides an
18 alternative funding mechanism before that date.
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20 (Redesignate subsequent sections.)
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24 And the title is amended as follows:
25 On page 6, line 12, after the semicolon,
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27 insert:
28 providing for a one-time cost-of-living
29 increase for certain retired members of the
30 Florida Retirement System who have service
31 credit earned between september 30, 1978, and
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SENATE AMENDMENT
Bill No. CS for SB 2
Amendment No. ___ Barcode 903260
1 January 1, 1993, in the Special Risk Class of
2 the Florida Retirement System;
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