Senate Bill sb0302

    Florida Senate - 2005                                   SB 302

    By Senator Atwater





    25-312-05

  1                      A bill to be entitled

  2         An act relating to the Florida Retirement

  3         System; creating s. 121.11225, F.S.; providing

  4         for the purchase of retirement credit for

  5         nonqualified service; authorizing the purchase

  6         of such credit; providing limitations and

  7         conditions; providing for costs; providing an

  8         effective date.

  9  

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

11  

12         Section 1.  Section 121.11225, Florida Statutes, is

13  created to read:

14         121.11225  Purchase of retirement credit for

15  nonqualified service.--Effective July 1, 2005, a member of the

16  Florida Retirement System may purchase creditable service for

17  nonqualified service, as provided in this section.

18         (1)  PURCHASE OF RETIREMENT CREDIT AUTHORIZED.--Subject

19  to subsections (2) and (3), a member of the Florida Retirement

20  System may purchase up to 5 years of retirement credit for

21  nonqualified service for time not creditable under other

22  provisions of the plan. Credit for 1 year of such service may

23  be purchased for each year of creditable service a member

24  completes under the Florida Retirement System.

25         (2)  LIMITATIONS AND CONDITIONS.--

26         (a)  A member is eligible to receive credit for

27  nonqualified service under this section after he or she has

28  completed 6 years of creditable service under the Florida

29  Retirement System, excluding:

30         1.  Service purchased under this section;

31  

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






    Florida Senate - 2005                                   SB 302
    25-312-05




 1         2.  Out-of-state and federal service claimed and

 2  purchased under s. 121.1115;

 3         3.  In-state public service; and

 4         4.  In-state service in accredited nonpublic schools

 5  and colleges, including charter schools and charter technical

 6  career centers claimed and purchased under s. 121.1122.

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

 8  more than 5 years of creditable service aggregated under the

 9  provisions of this section and ss. 121.1115 and 121.1122.

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

11  credited only as service in the Regular Class of membership

12  and is subject to s. 112.65.

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

14  credit for nonqualified service after leaving the Florida

15  Retirement System only upon returning to membership and

16  completing at least 1 year of creditable service in the

17  Florida Retirement System.

18         (3)  COST.--The cost to purchase retirement credit

19  under this section shall be calculated in the same manner as

20  set forth in s. 121.1115(2) for purchase of credit for

21  out-of-state service.

22         Section 2.  This act shall take effect upon becoming a

23  law.

24  

25            *****************************************

26                          SENATE SUMMARY

27    Prescribes conditions under which a person who has 6
      years of creditable service as a member of the Florida
28    Retirement System may purchase credit for up to 5 years
      of nonqualified service.
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CODING: Words stricken are deletions; words underlined are additions.