| 1 | The Governmental Operations Committee recommends the following: |
| 2 |
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| 3 | Council/Committee Substitute |
| 4 | Remove the entire bill and insert: |
| 5 | A bill to be entitled |
| 6 | An act relating to the Florida Retirement System; creating |
| 7 | s. 121.11225, F.S.; providing for the purchase of |
| 8 | retirement credit for nonqualified service; authorizing |
| 9 | the purchase of such credit; providing limitations and |
| 10 | conditions; providing for costs; providing an effective |
| 11 | date. |
| 12 |
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| 13 | Be It Enacted by the Legislature of the State of Florida: |
| 14 |
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| 15 | Section 1. Section 121.11225, Florida Statutes, is created |
| 16 | to read: |
| 17 | 121.11225 Purchase of retirement credit for nonqualified |
| 18 | service.--Effective July 1, 2005, a member of the Florida |
| 19 | Retirement System may purchase creditable service for |
| 20 | nonqualified service, as provided in this section. |
| 21 | (1) PURCHASE OF RETIREMENT CREDIT AUTHORIZED.--Subject to |
| 22 | subsections (2) and (3), a member of the Florida Retirement |
| 23 | System may purchase up to 5 years of retirement credit for |
| 24 | nonqualified service for time not creditable under other |
| 25 | provisions of the plan. Credit for 1 year of such service may be |
| 26 | purchased for each year of creditable service a member completes |
| 27 | under the Florida Retirement System. |
| 28 | (2) LIMITATIONS AND CONDITIONS.-- |
| 29 | (a) A member is eligible to purchase and receive credit |
| 30 | for nonqualified service under this section after he or she has |
| 31 | completed 6 years of creditable service under the Florida |
| 32 | Retirement System, excluding: |
| 33 | 1. Service purchased under this section. |
| 34 | 2. Out-of-state and federal service claimed and purchased |
| 35 | under s. 121.1115. |
| 36 | 3. In-state public service. |
| 37 | 4. In-state service in accredited nonpublic schools and |
| 38 | colleges, including charter schools and charter technical career |
| 39 | centers claimed and purchased under s. 121.1122. |
| 40 | (b) A member may not purchase and receive credit for more |
| 41 | than 5 years of creditable service aggregated under the |
| 42 | provisions of this section and ss. 121.1115 and 121.1122. |
| 43 | (c) Service credit claimed under this section shall be |
| 44 | credited only as service in the Regular Class of membership and |
| 45 | is subject to s. 112.65. |
| 46 | (d) A member shall be eligible to receive service credit |
| 47 | for nonqualified service after leaving the Florida Retirement |
| 48 | System only upon returning to membership and completing at least |
| 49 | 1 year of creditable service in the Florida Retirement System. |
| 50 | (3) COST.--The cost to purchase retirement credit under |
| 51 | this section shall be calculated in the same manner as set forth |
| 52 | in s. 121.1115(2) for purchase of credit for out-of-state |
| 53 | service. |
| 54 | Section 2. This act shall take effect July 1, 2005. |