Senate Bill sb1974c1

    Florida Senate - 2004                           CS for SB 1974

    By the Committee on Education; and Senator Wise





    304-2544-04

  1                      A bill to be entitled

  2         An act relating to retirement; providing for

  3         certain community college employees to move to

  4         the Florida Retirement System defined benefit

  5         program; providing limitations on such

  6         transfers; providing transfer guidelines;

  7         providing an effective date.

  8  

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

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11         Section 1.  (1)  Beginning July 1, 2004, through

12  September 30, 2004, any active community college employee in a

13  regularly established senior management position who has not

14  participated in the Florida Retirement System or has withdrawn

15  from the Florida Retirement System under section 121.055(b)2.,

16  may move to the Florida Retirement System defined benefit

17  plan. This election is irrevocable.

18         (2)  The election must be made in writing and must be

19  filed with the department and the personnel officer of the

20  community college by October 1, 2004, or, in the case of an

21  inactive community college senior management employee who is

22  on a leave of absence or sabbatical on July 1, 2004, within 90

23  days after the conclusion of the leave of absence or

24  sabbatical.

25         (3)  The employee shall receive service credit in the

26  Florida Retirement System defined benefit program equal to his

27  or her years of service in the community college system. The

28  cost for such credit shall be an amount representing the

29  present value of that employee's accumulated benefit

30  obligation under the Florida Retirement System defined benefit

31  program for the affected period of service.

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






    Florida Senate - 2004                           CS for SB 1974
    304-2544-04




 1         (4)  The employee must transfer the total accumulated

 2  employer contributions and earnings on deposit in the

 3  employee's alternative retirement plan established as allowed

 4  under section 121.055(b)2., Florida Statutes. If the

 5  transferred amount is not sufficient to pay the amount due,

 6  the remainder must be paid out of other employee funds. In no

 7  case may the employee retain any employer contributions or

 8  earnings thereon from the alternative retirement plan

 9  established under section 121.055(b)2., Florida Statutes.

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

11  

12          STATEMENT OF SUBSTANTIAL CHANGES CONTAINED IN
                       COMMITTEE SUBSTITUTE FOR
13                         Senate Bill 1974

14                                 

15  The Committee Substitute provides a window of opportunity
    between July 1 and September 30, 2004 for any active community
16  college employee in a regularly established senior management
    position who has either not previously participated in the
17  Florida Retirement System or who has withdrawn from the
    Florida Retirement System to move to the Florida Retirement
18  System defined benefit plan.  Conditions and requirements for
    such a move are identified.
19  
    Provisions of the original bill expanding the opportunities
20  for community college employees to be reemployed after
    retirement are not included in the Committee Substitute.
21  
    Provisions of the original bill relating to an extension of
22  time to participate in the Deferred Retirement Option Program
    for certain community college employees which were  contained
23  in the original bill are not included in the Committee
    Substitute.
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CODING: Words stricken are deletions; words underlined are additions.