Senate Bill sb0252

    Florida Senate - 2005                                   SB 252

    By Senator Fasano





    11-280-05

  1                      A bill to be entitled

  2         An act relating to Florida Retirement System

  3         benefits; amending s. 121.182, F.S.;

  4         authorizing municipalities to purchase

  5         annuities for municipal personnel in the same

  6         manner as counties may for county personnel;

  7         providing an effective date.

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

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11         Section 1.  Section 121.182, Florida Statutes, is

12  amended to read:

13         121.182  Retirement annuities authorized for city and

14  county personnel.--Cities and counties are authorized to

15  purchase annuities for all city and county personnel with 25

16  or more years of creditable service who have reached age 50

17  and have applied for retirement under the Florida Retirement

18  System. No such annuity shall provide for more than the total

19  difference in retirement income between the retirement benefit

20  based on average monthly compensation and creditable service

21  as of the member's early retirement date and the early

22  retirement benefit. Cities and counties may also purchase

23  annuities for members of the Florida Retirement System who

24  have out-of-state service in another state or country which is

25  documented as valid by the appropriate city or county. Such

26  annuities may be based on no more than 5 years of out-of-state

27  service and may equal, but not exceed, the benefits that would

28  be payable under the Florida Retirement System if credit for

29  out-of-state service was authorized under that system. Cities

30  and counties are authorized to invest funds, purchase

31  annuities, or provide local supplemental retirement programs

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    Florida Senate - 2005                                   SB 252
    11-280-05




 1  for purposes of providing annuities for city or county

 2  personnel.  All retirement annuities shall comply with s. 14,

 3  Art. X of the State Constitution.

 4         Section 2.  This act shall take effect October 1, 2005.

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 7                          SENATE SUMMARY

 8    Authorizes municipalities to purchase annuities for
      personnel who meet specified criteria in the same manner
 9    as counties presently may do for their personnel.

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