| 1 | A bill to be entitled |
| 2 | An act relating to the Florida Retirement System; amending |
| 3 | s. 121.055, F.S.; revising the retirement credit rate for |
| 4 | members of the Senior Management Service Class; providing |
| 5 | a finding of important state interest; providing an |
| 6 | effective date. |
| 7 |
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| 8 | Be It Enacted by the Legislature of the State of Florida: |
| 9 |
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| 10 | Section 1. Paragraph (d) of subsection (4) of section |
| 11 | 121.055, Florida Statutes, is amended to read: |
| 12 | 121.055 Senior Management Service Class.--There is hereby |
| 13 | established a separate class of membership within the Florida |
| 14 | Retirement System to be known as the "Senior Management Service |
| 15 | Class," which shall become effective February 1, 1987. |
| 16 | (4) |
| 17 | (d) A member of the Senior Management Service Class shall |
| 18 | receive retirement credit at the rate of 2 percent of average |
| 19 | final compensation for each year of service in such class after |
| 20 | January 31, 1987, and 2.5 percent of average final compensation |
| 21 | for each year of service in such class after July 1, 2005. |
| 22 | Section 2. The Legislature finds that a proper and |
| 23 | legitimate state purpose is served when employees and retirees |
| 24 | of the state and its political subdivisions, and their |
| 25 | dependents, survivors, and beneficiaries, are extended the basic |
| 26 | protections afforded by governmental retirement systems. These |
| 27 | persons must be provided benefits that are fair and adequate and |
| 28 | that are managed, administered, and funded in an actuarially |
| 29 | sound manner, as required by Section 14, Article X of the State |
| 30 | Constitution, and part VII of chapter 112, Florida Statutes. |
| 31 | Therefore, the Legislature determines and declares that this act |
| 32 | fulfills an important state interest. |
| 33 | Section 3. This act shall take effect upon becoming law. |