| 1 | A bill to be entitled |
| 2 | An act relating to upgrading service under the Florida |
| 3 | Retirement System; amending s. 121.0515, F.S.; deleting a |
| 4 | requirement that interest be added in calculating the |
| 5 | amount of contributions to be paid by certain Special Risk |
| 6 | Class members upgrading service for retirement purposes; |
| 7 | providing a declaration of important state interest; |
| 8 | providing an effective date. |
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| 10 | Be It Enacted by the Legislature of the State of Florida: |
| 11 |
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| 12 | Section 1. Paragraph (a) of subsection (9) of section |
| 13 | 121.0515, Florida Statutes, is amended to read: |
| 14 | 121.0515 Special risk membership.-- |
| 15 | (9) CREDIT FOR UPGRADED SERVICE.-- |
| 16 | (a) Any member of the Special Risk Class who has earned |
| 17 | creditable service in another membership class of the Florida |
| 18 | Retirement System as an emergency medical technician or |
| 19 | paramedic, which service is within the purview of the Special |
| 20 | Risk Class, may purchase additional retirement credit to upgrade |
| 21 | such service to Special Risk Class service, to the extent of the |
| 22 | percentages of the member's average final compensation provided |
| 23 | in s. 121.091(1)(a)2. Contributions for upgrading such service |
| 24 | to Special Risk Class credit under this subsection shall be |
| 25 | equal to the difference in the contributions paid and the |
| 26 | Special Risk Class contribution rate as a percentage of gross |
| 27 | salary in effect for the period being claimed, plus interest |
| 28 | thereon at the rate of 6.5 percent a year, compounded annually |
| 29 | until the date of payment. This service credit may be purchased |
| 30 | by the employer on behalf of the member. |
| 31 | Section 2. The Legislature finds that a proper and |
| 32 | legitimate state purpose is served when employees and retirees |
| 33 | of the state and its political subdivisions, and the dependents, |
| 34 | survivors, and beneficiaries of such employees and retirees, are |
| 35 | extended the basic protections afforded by governmental |
| 36 | retirement systems. These persons must be provided benefits that |
| 37 | are fair and adequate and that are managed, administered, and |
| 38 | funded in an actuarially sound manner, as required by s. 14, |
| 39 | Art. X of the State Constitution, and part VII of chapter 112, |
| 40 | Florida Statutes. Therefore, the Legislature hereby determines |
| 41 | and declares that this act fulfills an important state interest. |
| 42 | Section 3. This act shall take effect upon becoming a law. |