HB 1773

1
A bill to be entitled
2An act relating to upgrading service under the Florida
3Retirement System; amending s. 121.0515, F.S.; deleting a
4requirement that interest be added in calculating the
5amount of contributions to be paid by certain Special Risk
6Class members upgrading service for retirement purposes;
7providing a declaration of important state interest;
8providing an effective date.
9
10Be It Enacted by the Legislature of the State of Florida:
11
12     Section 1.  Paragraph (a) of subsection (9) of section
13121.0515, 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
17creditable service in another membership class of the Florida
18Retirement System as an emergency medical technician or
19paramedic, which service is within the purview of the Special
20Risk Class, may purchase additional retirement credit to upgrade
21such service to Special Risk Class service, to the extent of the
22percentages of the member's average final compensation provided
23in s. 121.091(1)(a)2. Contributions for upgrading such service
24to Special Risk Class credit under this subsection shall be
25equal to the difference in the contributions paid and the
26Special Risk Class contribution rate as a percentage of gross
27salary in effect for the period being claimed, plus interest
28thereon at the rate of 6.5 percent a year, compounded annually
29until the date of payment. This service credit may be purchased
30by the employer on behalf of the member.
31     Section 2.  The Legislature finds that a proper and
32legitimate state purpose is served when employees and retirees
33of the state and its political subdivisions, and the dependents,
34survivors, and beneficiaries of such employees and retirees, are
35extended the basic protections afforded by governmental
36retirement systems. These persons must be provided benefits that
37are fair and adequate and that are managed, administered, and
38funded in an actuarially sound manner, as required by s. 14,
39Art. X of the State Constitution, and part VII of chapter 112,
40Florida Statutes. Therefore, the Legislature hereby determines
41and declares that this act fulfills an important state interest.
42     Section 3.  This act shall take effect upon becoming a law.


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