HB 0073

A bill to be entitled
2An act relating to the Florida Retirement System; creating
3s. 121.11225, F.S.; providing for the purchase of
4retirement credit for nonqualified service; authorizing
5the purchase of such credit; providing limitations and
6conditions; providing for costs; providing an effective
9Be It Enacted by the Legislature of the State of Florida:
11     Section 1.  Section 121.11225, Florida Statutes, is created
12to read:
13     121.11225  Purchase of retirement credit for nonqualified
14service.--Effective July 1, 2005, a member of the Florida
15Retirement System may purchase creditable service for
16nonqualified service, as provided in this section.
18subsections (2) and (3), a member of the Florida Retirement
19System may purchase up to 5 years of retirement credit for
20nonqualified service for time not creditable under other
21provisions of the plan. Credit for 1 year of such service may be
22purchased for each year of creditable service a member completes
23under the Florida Retirement System.
25     (a)  A member is eligible to receive credit for
26nonqualified service under this section after he or she has
27completed 6 years of creditable service under the Florida
28Retirement System, excluding:
29     1.  Service purchased under this section.
30     2.  Out-of-state and federal service claimed and purchased
31under s. 121.1115.
32     3.  In-state public service.
33     4.  In-state service in accredited nonpublic schools and
34colleges, including charter schools and charter technical career
35centers claimed and purchased under s. 121.1122.
36     (b)  A member may not purchase and receive credit for more
37than 5 years of creditable service aggregated under the
38provisions of this section and ss. 121.1115 and 121.1122.
39     (c)  Service credit claimed under this section shall be
40credited only as service in the Regular Class of membership and
41is subject to s. 112.65.
42     (d)  A member shall be eligible to receive service credit
43for nonqualified service after leaving the Florida Retirement
44System only upon returning to membership and completing at least
451 year of creditable service in the Florida Retirement System.
46     (3)  COST.--The cost to purchase retirement credit under
47this section shall be calculated in the same manner as set forth
48in s. 121.1115(2) for purchase of credit for out-of-state
50     Section 2.  This act shall take effect July 1, 2005.

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