Senate Bill sb0002

    Florida Senate - 2002                                     SB 2

    By Senator Burt





    16-2-02

  1                      A bill to be entitled

  2         An act relating to retirement; amending s.

  3         121.021, F.S.; redefining the term "average

  4         final compensation" with respect to the Florida

  5         Retirement System; providing an effective date.

  6  

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

  8  

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

10  Statutes, is amended to read:

11         121.021  Definitions.--The following words and phrases

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

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

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

15  the 3 5 highest fiscal years of compensation for creditable

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

17  in-line-of-duty disability benefits, if less than 3 5 years of

18  creditable service have been completed, the term "average

19  final compensation" means the average annual compensation of

20  the total number of years of creditable service.  Each year

21  used in the calculation of average final compensation shall

22  commence on July 1.

23         (a)  The average final compensation shall include:

24         1.  Accumulated annual leave payments, not to exceed

25  500 hours; and

26         2.  All payments defined as compensation in subsection

27  (22).

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

29         1.  Compensation paid to professional persons for

30  special or particular services;

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






    Florida Senate - 2002                                     SB 2
    16-2-02




 1         2.  Payments for accumulated sick leave made due to

 2  retirement or termination;

 3         3.  Payments for accumulated annual leave in excess of

 4  500 hours;

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

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

 7  1990; or

 8         6.  Fringe benefits (for example, automobile allowances

 9  or housing allowances).

10         Section 2.  This act shall take effect July 1, 2002.

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13                          SENATE SUMMARY

14    Redefines the term "average final compensation," for
      purposes of the Florida Retirement System, to be the
15    average of an employee's highest 3 fiscal years of
      compensation for creditable service.
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CODING: Words stricken are deletions; words underlined are additions.