HB 0073CS


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

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