Senate Bill sb0614

    Florida Senate - 2004                                   SB 614

    By Senator Lynn





    7-59A-04

  1                      A bill to be entitled

  2         An act relating to the purchase of retirement

  3         credit; amending s. 121.1122, F.S.; deleting a

  4         limitation on the purchase of retirement credit

  5         for certain service in nonpublic schools;

  6         providing an effective date.

  7  

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

  9  

10         Section 1.  Subsection (2) of section 121.1122, Florida

11  Statutes, is amended to read:

12         121.1122  Purchase of retirement credit for in-state

13  public service and in-state service in accredited nonpublic

14  schools and colleges, including charter schools and charter

15  technical career centers.--Effective January 1, 1998, a member

16  of the Florida Retirement System may purchase creditable

17  service for periods of certain public or nonpublic employment

18  performed in this state, as provided in this section.

19         (2)  LIMITATIONS AND CONDITIONS.--

20         (a)  A member is not eligible to receive credit for

21  in-state service under this section until he or she has

22  completed 6 years of creditable service under the Florida

23  Retirement System, excluding service purchased under this

24  section and out-of-state service claimed and purchased under

25  s. 121.1115.

26         (b)  A member may not purchase and receive credit for

27  more than 5 years of creditable service under the provisions

28  of this section.

29         (c)  Service credit claimed under this section shall be

30  credited only as service in the Regular Class of membership

31  and shall be subject to the provisions of s. 112.65.

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






    Florida Senate - 2004                                   SB 614
    7-59A-04




 1         (d)  A member shall be eligible to receive service

 2  credit for in-state service performed after leaving the

 3  Florida Retirement System only upon returning to membership

 4  and completing at least 1 year of creditable service in the

 5  Florida Retirement System following the in-state service.

 6         (e)  The service claimed must have been service covered

 7  by a retirement or pension plan provided by the employer.

 8  However, this paragraph does not apply to credit purchased for

 9  employment in a nonpublic school or college in this state

10  which is accredited by the Southern Association of Colleges

11  and Schools, as described in paragraph (1)(b).

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

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15                          SENATE SUMMARY

16    Provides that credit in the Florida Retirement System may
      be purchased for periods of employment in accredited
17    nonpublic schools and colleges whether or not the prior
      service was covered by a retirement or pension plan
18    provided by the employer.

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