HB 0641 2003
1	A bill to be entitled
2	An act relating to the Florida Retirement System; creating
3	s. 121.11225, F.S.; providing for the purchase of
4	retirement credit for nonqualified service; authorizing
5	the purchase of such credit; providing limitations and
6	conditions; providing for costs; providing an effective
7	date.
8
9	Be It Enacted by the Legislature of the State of Florida:
10
11	Section 1. Section 121.11225, Florida Statutes, is created
12	to read:
13	121.11225 Purchase of retirement credit for nonqualified
14	service.--Effective July 1, 2003, a member of the Florida
15	Retirement System may purchase creditable service for
16	nonqualified service, as provided in this section.
17	(1) PURCHASE OF RETIREMENT CREDIT AUTHORIZED.--Subject to
18	the provisions of subsections (2) and (3), a member of the
19	Florida Retirement System may purchase up to 5 years of
20	retirement credit for nonqualified service for time not
21	creditable under other provisions of the plan. Credit for 1 year
22	of such service may be purchased for each year of creditable
23	service a member completes under the Florida Retirement System.
24	(2) LIMITATIONS AND CONDITIONS.--To receive credit for the
25	nonqualified service:
26	(a) A member is eligible to receive credit for
27	nonqualified service under this section after he or she has
28	completed 6 years of creditable service under the Florida
29	Retirement System, excluding service purchased under this
30	section and out-of-state and federal service claimed and
31	purchased under s. 121.1115 and in-state public service and in-
32	state service in accredited nonpublic schools and colleges,
33	including charter schools and charter technical career centers
34	claimed and purchased under s. 121.1122.
35	(b) A member may not purchase and receive credit for more
36	than 5 years of creditable service aggregated under the
37	provisions of this section and ss. 121.1115 and 121.1122.
38	(c) Service credit claimed under this section shall be
39	credited only as service in the Regular Class of membership and
40	shall be subject to the provisions of s. 112.65.
41	(d) A member shall be eligible to receive service credit
42	for nonqualified service after leaving the Florida Retirement
43	System only upon returning to membership and completing at least
44	1 year of creditable service in the Florida Retirement System.
45	(3) COST.--The cost to purchase retirement credit under
46	this section shall be calculated in the same manner as set forth
47	in s. 121.1115(2) for purchase of credit for out-of-state
48	service.
49	Section 2. This act shall take effect upon becoming a law.