Senate Bill sb0812

    Florida Senate - 2005                                   SB 812

    By Senator Argenziano





    3-806-05

  1                      A bill to be entitled

  2         An act relating to special risk retirement;

  3         amending s. 121.0515, F.S.; authorizing certain

  4         persons who have service as community-based

  5         correctional probation officers to upgrade

  6         their retirement credit therefor to Special

  7         Risk Class service; providing for payment of

  8         additional contributions to effect the upgrade

  9         and for interest on such payments; providing an

10         effective date.

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12  Be It Enacted by the Legislature of the State of Florida:

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14         Section 1.  Paragraph (c) is added to subsection (9) of

15  section 121.0515, Florida Statutes, to read:

16         121.0515  Special risk membership.--

17         (9)  CREDIT FOR UPGRADED SERVICE.--

18         (c)  Any member of the Special Risk Class who has

19  earned creditable service in another membership class of the

20  Florida Retirement System as a community-based correctional

21  probation officer as defined in s. 943.10(3), which service is

22  within the purview of the Special Risk Class, may purchase

23  additional retirement credit to upgrade such service to

24  Special Risk Class service, to the extent of the percentages

25  of the member's average final compensation provided in s.

26  121.091(1)(a)2. Contributions for upgrading such service to

27  Special Risk Class credit under this subsection shall be equal

28  to the difference in the contributions paid and the Special

29  Risk Class contribution rate as a percentage of gross salary

30  in effect for the period being claimed, plus interest thereon

31  at the rate of 6.5 percent a year, compounded annually until

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    Florida Senate - 2005                                   SB 812
    3-806-05




 1  the date of payment. Such purchased service credits shall, for

 2  purposes of s. 121.091, apply toward satisfaction of the

 3  special risk normal retirement date, as defined in s.

 4  121.021(29)(b). This service credit may be purchased by the

 5  employer on behalf of the member.

 6         Section 2.  This act shall take effect upon becoming a

 7  law.

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10                          SENATE SUMMARY

11    Allows a person who has retirement credit for service as
      a community-based correctional probation officer, which
12    service is not in the Special Risk Class of the Florida
      Retirement System, to purchase additional credit to
13    upgrade it to Special Risk Class service. Such upgrade
      may also be purchased on the employee's behalf by his or
14    her employer.

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