HB 0217 2004
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, 2004, 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	subsections (2) and (3), a member of the Florida Retirement
19	System may purchase up to 5 years of retirement credit for
20	nonqualified service for time not creditable under other
21	provisions of the plan. Credit for 1 year of such service may be
22	purchased for each year of creditable service a member completes
23	under the Florida Retirement System.
24	(2) LIMITATIONS AND CONDITIONS.--
25	(a) A member is eligible to receive credit for
26	nonqualified service under this section after he or she has
27	completed 6 years of creditable service under the Florida
28	Retirement System, excluding:
29	1. Service purchased under this section;
30	2. Out-of-state and federal service claimed and purchased
31	under s. 121.1115;
32	3. In-state public service; and
33	4. In-state service in accredited nonpublic schools and
34	colleges, including charter schools and charter technical career
35	centers claimed and purchased under s. 121.1122.
36	(b) A member may not purchase and receive credit for more
37	than 5 years of creditable service aggregated under the
38	provisions of this section and ss. 121.1115 and 121.1122.
39	(c) Service credit claimed under this section shall be
40	credited only as service in the Regular Class of membership and
41	is subject to s. 112.65.
42	(d) A member shall be eligible to receive service credit
43	for nonqualified service after leaving the Florida Retirement
44	System only upon returning to membership and completing at least
45	1 year of creditable service in the Florida Retirement System.
46	(3) COST.--The cost to purchase retirement credit under
47	this section shall be calculated in the same manner as set forth
48	in s. 121.1115(2) for purchase of credit for out-of-state
49	service.
50	Section 2. This act shall take effect upon becoming a law.