Senate Bill sb0514

    Florida Senate - 2004                                   SB 514

    By Senator Constantine





    22-157-04

  1                      A bill to be entitled

  2         An act relating to firefighter retirement;

  3         amending s. 175.371, F.S.; allowing use of

  4         firefighter pension plan assets to purchase

  5         past-service credit for firefighters who become

  6         members of the Florida Retirement System due to

  7         consolidation or merger of governments or

  8         transfer of government functions; providing an

  9         effective date.

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

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13         Section 1.  Subsection (3) is added to section 175.371,

14  Florida Statutes, to read:

15         175.371  Transfer to another state retirement system;

16  benefits payable.--For any municipality, special fire control

17  district, chapter plan, local law municipality, local law

18  special fire control district, or local law plan under this

19  chapter:

20         (3)  Assets of a pension plan created pursuant to this

21  chapter may be used to purchase past-service credit in the

22  Florida Retirement System via direct transfer from the fund to

23  the Florida Retirement System for individual members who

24  become entitled to and do elect to participate in the Florida

25  Retirement System through the consolidation or merger of

26  governments or the transfer of functions between units of

27  government. Such transfer of plan assets is limited to the

28  actuarial present value of the otherwise earned and vested

29  annuity payments of the members who elect to exchange some or

30  all of their annuity rights in the plan for increased annuity

31  credits under the Florida Retirement System. This transfer of

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






    Florida Senate - 2004                                   SB 514
    22-157-04




 1  plan assets will apply before any otherwise applicable plan

 2  termination and related apportionment of funds provided in s.

 3  175.361.

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

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 7                          SENATE SUMMARY

 8    Authorizes the use of moneys in firefighter pension plan
      funds to purchase past-service credit in the Florida
 9    Retirement System for firefighters who become members of
      that system due to consolidation or merger of governments
10    or as a result of transfer of functions between
      governments.
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CODING: Words stricken are deletions; words underlined are additions.