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A bill to be entitled |
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An act relating to the Florida Retirement System; amending |
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s. 121.0515, F.S.; authorizing certain employees to |
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purchase additional retirement credit to upgrade prior |
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service to Special Risk Class service; providing for the |
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calculation of contributions for such service upgrade; |
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authorizing the employer to purchase such additional |
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credit for the employee; providing an effective date. |
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Be It Enacted by the Legislature of the State of Florida: |
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Section 1. Paragraph (c) is added to subsection (9) of |
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section 121.0515, Florida Statutes, to read: |
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121.0515 Special risk membership.-- |
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(9) CREDIT FOR UPGRADED SERVICE.-- |
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(c) Any member of the Special Risk Class who has earned |
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creditable service in another membership class of the Florida |
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Retirement System as a community-based correctional probation |
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officer, which service is within the purview of the Special Risk |
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Class, may purchase additional retirement credit to upgrade such |
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service to Special Risk Class service, to the extent of the |
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percentages of the member's average final compensation provided |
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in s. 121.091(1)(a)2. Contributions for upgrading such service |
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to Special Risk Class credit under this subsection shall be |
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equal to the difference in the contributions paid and the |
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Special Risk Class contribution rate as a percentage of gross |
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salary in effect for the period being claimed, plus interest |
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thereon at the rate of 6.5 percent a year, compounded annually |
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until the date of payment. Such purchased service credits shall, |
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for purposes of s. 121.091, apply toward satisfaction of the |
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special risk normal retirement date, as defined in s. |
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121.021(29)(b). This service credit may be purchased by the |
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employer on behalf of the member.
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Section 2. This act shall take effect upon becoming a law. |