Senate Bill sb1480

    Florida Senate - 2004                                  SB 1480

    By Senator Crist





    12-355-04

  1                      A bill to be entitled

  2         An act relating to the Florida Retirement

  3         System; amending s. 121.0515, F.S.; providing

  4         for purchase of credit for upgraded service by

  5         Special Risk Class members for prior creditable

  6         service as community-based correctional

  7         probation officers when such service was not

  8         credited as special-risk service; authorizing

  9         the employer of such a person to purchase the

10         credit on the employee's behalf; providing an

11         effective date.

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

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15         Section 1.  Paragraph (c) is added to subsection (9) of

16  section 121.0515, Florida Statutes, to read:

17         121.0515  Special risk membership.--

18         (9)  CREDIT FOR UPGRADED SERVICE.--

19         (c)  Any member of the Special Risk Class who has

20  earned credible service in another membership class of the

21  Florida Retirement System as a community-based correctional

22  probation officer, which service is within the purview of the

23  Special Risk Class, may purchase additional retirement credit

24  to upgrade such service to Special Risk Class service, to the

25  extent of the percentages of the member's average final

26  compensation provided in s. 121.091(1)(a)2. Contributions for

27  upgrading such service to Special Risk Class credit under this

28  subsection shall be equal to the difference in the

29  contributions paid and the Special Risk Class contribution

30  rate as a percentage of gross salary in effect for the period

31  being claimed, plus interest thereon at the rate of 6.5

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    Florida Senate - 2004                                  SB 1480
    12-355-04




 1  percent a year, compounded annually until the date of payment.

 2  Such purchased service credits shall, for purposes of s.

 3  121.091, apply toward satisfaction of the normal retirement

 4  date as defined in s. 121.021 for Special Risk Class members.

 5  This service credit may be purchased by the employer on behalf

 6  of the member.

 7         Section 2.  This act shall take effect July 1, 2004.

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10                          SENATE SUMMARY

11    Authorizes certain members of the Special Risk Class of
      the Florida Retirement System who have prior creditable
12    service as community-based correctional probation
      officers, which service was not credited as special-risk
13    service at the time earned, to purchase upgrades for that
      service. Authorizes the employer of such a person to
14    purchase the upgrade on his or her behalf.

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