Senate Bill sb2682

    Florida Senate - 2003                                  SB 2682

    By Senator Atwater





    25-1620-03                                          See HB 641

  1                      A bill to be entitled

  2         An act relating to the Florida Retirement

  3         System; creating s. 121.11225, F.S.; providing

  4         for the purchase of retirement credit for

  5         nonqualified service; authorizing the purchase

  6         of such credit; providing limitations and

  7         conditions; providing for costs; providing an

  8         effective date.

  9  

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

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12         Section 1.  Section 121.11225, Florida Statutes, is

13  created to read:

14         121.11225  Purchase of retirement credit for

15  nonqualified service.--Effective July 1, 2003, a member of the

16  Florida Retirement System may purchase creditable service for

17  nonqualified service, as provided in this section.

18         (1)  PURCHASE OF RETIREMENT CREDIT AUTHORIZED.--Subject

19  to the provisions of subsections (2) and (3), a member of the

20  Florida Retirement System may purchase up to 5 years of

21  retirement credit for nonqualified service for time not

22  creditable under other provisions of the plan. Credit for 1

23  year of such service may be purchased for each year of

24  creditable service a member completes under the Florida

25  Retirement System.

26         (2)  LIMITATIONS AND CONDITIONS.--To receive credit for

27  the nonqualified service:

28         (a)  A member is eligible to receive credit for

29  nonqualified service under this section after he or she has

30  completed 6 years of creditable service under the Florida

31  Retirement System, excluding service purchased under this

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






    Florida Senate - 2003                                  SB 2682
    25-1620-03                                          See HB 641




 1  section and out-of-state and federal service claimed and

 2  purchased under s. 121.1115 and in-state public service and

 3  in-state service in accredited nonpublic schools and colleges,

 4  including charter schools and charter technical career centers

 5  claimed and purchased under s. 121.1122.

 6         (b)  A member may not purchase and receive credit for

 7  more than 5 years of creditable service aggregated under the

 8  provisions of this section and ss. 121.1115 and 121.1122.

 9         (c)  Service credit claimed under this section shall be

10  credited only as service in the Regular Class of membership

11  and shall be subject to the provisions of s. 112.65.

12         (d)  A member shall be eligible to receive service

13  credit for nonqualified service after leaving the Florida

14  Retirement System only upon returning to membership and

15  completing at least 1 year of creditable service in the

16  Florida Retirement System.

17         (3)  COST.--The cost to purchase retirement credit

18  under this section shall be calculated in the same manner as

19  set forth in s. 121.1115(2) for purchase of credit for

20  out-of-state service.

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

22  law.

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