HB 0021 2003
1	A bill to be entitled
2	An act relating to retirement; amending s. 121.021, F.S.;
3	redefining the term “average final compensation” with
4	respect to the Florida Retirement System; providing an
5	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 as
12	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	the35highest fiscal years of compensation for creditable
16	service prior to retirement, termination, or death. For in-
17	line-of-duty disability benefits, if less than35years of
18	creditable service have been completed, the term "average final
19	compensation" means the average annual compensation of the
20	total number of years of creditable service. Each year used in
21	the calculation of average final compensation shall commence on
22	July 1.
23	(a) The average final compensation shall include:
24	1. Accumulated annual leave payments, not to exceed 500
25	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 special
30	or particular services;
31	2. Payments for accumulated sick leave made due to
32	retirement or termination;
33	3. Payments for accumulated annual leave in excess of 500
34	hours;
35	4. Bonuses as defined in subsection (47);
36	5. Third party payments made on and after July 1, 1990;
37	or
38	6. Fringe benefits (for example, automobile allowances or
39	housing allowances).
40	Section 2. This act shall take effect July 1, 2003.
41