| 1 | A bill to be entitled |
| 2 | An act relating to the Florida Retirement System; amending |
| 3 | s. 121.0515, F.S.; authorizing certain employees to |
| 4 | purchase additional retirement credit to upgrade prior |
| 5 | service to Special Risk Class service; providing for the |
| 6 | calculation of contributions for such service upgrade; |
| 7 | authorizing the employer to purchase such additional |
| 8 | credit for the employee; providing an effective date. |
| 9 |
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| 10 | Be It Enacted by the Legislature of the State of Florida: |
| 11 |
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| 12 | Section 1. Paragraph (c) is added to subsection (9) of |
| 13 | section 121.0515, Florida Statutes, to read: |
| 14 | 121.0515 Special risk membership.-- |
| 15 | (9) CREDIT FOR UPGRADED SERVICE.-- |
| 16 | (c) Any member of the Special Risk Class who has earned |
| 17 | creditable service in the Regular Class of the Florida |
| 18 | Retirement System between the years July 1, 1978, and June 30, |
| 19 | 1984, while attending a certified training academy or other |
| 20 | certified training facility approved by the employer for |
| 21 | certification as a law enforcement officer or correctional |
| 22 | officer, which service is within the purview of the Special Risk |
| 23 | Class, may purchase such service to upgrade to Special Risk |
| 24 | Class service, to the extent of the percentages of the member's |
| 25 | average final compensation as provided in s. 121.091(1)(a)2. |
| 26 | Contributions for upgrading such service to Special Risk Class |
| 27 | credit under this paragraph shall be equal to the difference in |
| 28 | the contributions paid and the Special Risk Class contribution |
| 29 | rate as a percentage of gross salary in effect for the period |
| 30 | being claimed, plus interest thereon at the rate of 6.5 percent |
| 31 | a year, compounded annually until the date of payment. This |
| 32 | service credit may be purchased by the employer on behalf of the |
| 33 | member. |
| 34 | Section 2. This act shall take effect upon becoming a law. |