Amendment

Bill No. 2230

Amendment No. 156777

CHAMBER ACTION
Senate		House
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1	Representative Kyle offered the following:
2
3	Amendment (with title amendment)
4	Remove everything after the enacting clause and insert:
5	Section 1.  Section 121.71, Florida Statutes, is reenacted
6	to read:
7	121.71  Uniform rates; process; calculations; levy.--
8	(1)  In conducting the system actuarial study required
9	under s. 121.031, the actuary shall follow all requirements
10	specified thereunder to determine, by Florida Retirement System
11	employee membership class, the dollar contribution amounts
12	necessary for the forthcoming fiscal year for the defined
13	benefit program. In addition, the actuary shall determine, by
14	Florida Retirement System membership class, based on an estimate
15	for the forthcoming fiscal year of the gross compensation of
16	employees participating in the optional retirement program, the
17	dollar contribution amounts necessary to make the allocations
18	required under ss. 121.72 and 121.73. For each employee
19	membership class and subclass, the actuarial study shall
20	establish a uniform rate necessary to fund the benefit
21	obligations under both Florida Retirement System retirement
22	plans, by dividing the sum of total dollars required by the
23	estimated gross compensation of members in both plans.
24	(2)  Based on the uniform rates set forth in subsection
25	(3), employers shall make monthly contributions to the Division
26	of Retirement, which shall initially deposit the funds into the
27	Florida Retirement System Contributions Clearing Trust Fund. A
28	change in a contribution rate is effective the first day of the
29	month for which a full month's employer contribution may be made
30	on or after the beginning date of the change.
31	(3)  Required employer retirement contribution rates for
32	each membership class and subclass of the Florida Retirement
33	System for both retirement plans are as follows:
34
	Membership Class Percentage of Gross Compensation,Effective July 1, 2003 Percentage of Gross Compensation,Effective July 1, 2004
35
	Regular Class 6.18% 10.07%
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	Special Risk Class 17.32% 22.15%
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	Special Risk Administrative
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	Support Class 8.71% 12.58%
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	Elected Officers' Class
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	Legislators,        Governor,
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	Lt. Governor,
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	Cabinet Officers,
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	State Attorneys,
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	Public Defenders 11.28% 15.48%
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	Elected Officers' Class
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	Justices, Judges 17.44% 20.70%
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	Elected Officers' Class
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	County Elected       Officers 14.02% 17.81%
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	Senior Management Class 8.16% 11.59%
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	DROP 8.00% 11.56%
51
52	(4)  The state actuary shall recognize and use an
53	appropriate level of available excess assets of the Florida
54	Retirement System Trust Fund to offset the difference between
55	the normal costs of the Florida Retirement System and the
56	statutorily prescribed contribution rates.
57	Section 2.  Subsection (12) of section 121.40, Florida
58	Statutes, is reenacted to read:
59	121.40  Cooperative extension personnel at the Institute of
60	Food and Agricultural Sciences; supplemental retirement
61	benefits.--
62	(12)  CONTRIBUTIONS.--
63	(a)  For the purposes of funding the supplemental benefits
64	provided by this section, the institute is authorized and
65	required to pay, commencing July 1, 1985, the necessary monthly
66	contributions from its appropriated budget. These amounts shall
67	be paid into the Institute of Food and Agricultural Sciences
68	Supplemental Retirement Trust Fund, which is hereby created.
69	(b)  The monthly contributions required to be paid pursuant
70	to paragraph(a) on the gross monthly salaries, from all sources
71	with respect to such employment, paid to those employees of the
72	institute who hold both state and federal appointments and who
73	participate in the federal Civil Service Retirement System shall
74	be as follows:
75
	Dates of Contribution Percentage
76
	Rate Changes Due
77
	July 1, 1985, through December 31, 1988 6.68%
78
	January 1, 1989, through December 31, 1993 6.35%
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	January 1, 1994, through December 31, 1994 6.69%
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	January 1, 1995, through June 30, 1996 6.82%
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	July 1, 1996, through June 30, 1998 5.64%
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	July 1, 1998, through June 30, 2001 7.17%
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	July 1, 2001, through June 30, 2003 6.96%
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	Effective July 1, 2003 13.83%
85
86	Section 3.  Section 121.74, Florida Statutes, is reenacted
87	to read:
88	121.74  Administrative and educational expenses.--Effective
89	July 1, 2003, in addition to contributions required under s.
90	121.71, employers participating in the Florida Retirement System
91	shall contribute an amount equal to 0.10 percent of the payroll
92	reported for each class or subclass of Florida Retirement System
93	membership, which amount shall be transferred by the Division of
94	Retirement from the Florida Retirement System Contributions
95	Clearing Trust Fund to the State Board of Administration's
96	Administrative Trust Fund to offset the costs of administering
97	the optional retirement program and the costs of providing
98	educational services to participants in the defined benefit
99	program and the optional retirement program. Approval of the
100	Trustees of the State Board of Administration is required prior
101	to the expenditure of these funds. Payments for third-party
102	administrative or educational expenses shall be made only
103	pursuant to the terms of the approved contracts for such
104	services.
105	Section 4.  This act shall take effect upon becoming a law.
106
107
108	================= T I T L E  A M E N D M E N T =================
109	Remove the entire title and insert:
110	A bill to be entitled
111	An act relating to retirement; reenacting s. 121.71, F.S.,
112	relating to uniform rates, process, calculations, and
113	levy; reenacting s. 121.40(12), F.S., relating to
114	cooperative extension personnel at the Institute of Food
115	and Agricultural Sciences, supplemental retirement
116	benefits; reenacting s. 121.74, F.S., relating to
117	administrative and educational expenses; providing an
118	effective date.

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