Senate Bill sb0812c1

    Florida Senate - 2005                            CS for SB 812

    By the Committee on Criminal Justice; and Senators Argenziano
    and Fasano




    591-2324-05

  1                      A bill to be entitled

  2         An act relating to the Florida Retirement

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

  4         certain employees to purchase additional

  5         retirement credit to upgrade prior service as a

  6         community-based correctional probation officer

  7         to Special Risk Class service; providing for

  8         the calculation of contributions for such

  9         service upgrade; providing that purchased

10         credit shall be used to satisfy the member's

11         normal retirement date; authorizing the

12         employer to purchase such additional credit for

13         the employee; directing the Division of

14         Statutory Revision to adjust contribution rates

15         set forth in s. 121.071, F.S.; providing an

16         effective date.

17  

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

19  

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

21  section 121.0515, Florida Statutes, to read:

22         121.0515  Special risk membership.--

23         (9)  CREDIT FOR UPGRADED SERVICE.--

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

25  earned creditable service in another membership class of the

26  Florida Retirement System as a community-based correctional

27  probation officer certified in compliance with s. 943.10(3),

28  which service is within the purview of the Special Risk Class,

29  may purchase additional retirement credit to upgrade such

30  service to Special Risk Class service, to the extent of the

31  percentages of the member's average final compensation as

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






    Florida Senate - 2005                            CS for SB 812
    591-2324-05




 1  provided in s. 121.091(1)(a)2. Contributions for upgrading

 2  such service to Special Risk Class credit under this paragraph

 3  shall be equal to the difference in the contributions paid and

 4  the Special Risk Class contribution rate as a percentage of

 5  gross salary in effect for the period being claimed, plus

 6  interest thereon at the rate of 6.5 percent a year, compounded

 7  annually until the date of payment. Such service credits

 8  shall, for purposes of s. 121.091, apply toward satisfaction

 9  of the special risk normal retirement date, as provided in s.

10  121.021(29)(b). This service credit may be purchased by the

11  employer on behalf of the member.

12         Section 2.  Effective July 1, 2005, in order to fund

13  the benefits provided under section 1 of this act, the

14  contribution rate that applies to the Special Risk Class of

15  the Florida Retirement System shall be increased by 0.04

16  percentage points. This increase shall be in addition to all

17  other changes to such contribution rates which may be enacted

18  into law to take effect on that date. The Division of

19  Statutory Revision is directed to adjust accordingly the

20  contribution rates set forth in section 121.071, Florida

21  Statutes.

22         Section 3.  This act shall take effect upon becoming a

23  law.

24  

25          STATEMENT OF SUBSTANTIAL CHANGES CONTAINED IN
                       COMMITTEE SUBSTITUTE FOR
26                         Senate Bill 812

27                                 

28  Section 2 is added to the committee substitute and provides
    that, in order to fund the benefits in Section 1, the
29  contribution rate that applies to the Special Risk Class of
    the Florida Retirement System shall be increased by 0.04
30  percent.

31  

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