HB 1165CS


1The Fiscal Council 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; amending
7s. 121.0515, F.S.; authorizing certain members to purchase
8additional retirement credit to upgrade prior service to
9Special Risk Class service; providing for the calculation
10of contributions for such service upgrade; authorizing the
11employer to purchase such additional credit for the
12member; increasing a contribution rate for certain benefit
13change funding purposes; directing the Division of
14Statutory Revision to adjust contribution rates set forth
15in s. 121.71, F.S.; providing an appropriation; providing
16a declaration of important state interest; providing
17effective dates.
19Be It Enacted by the Legislature of the State of Florida:
21     Section 1.  Paragraph (c) is added to subsection (9) of
22section 121.0515, Florida Statutes, to read:
23     121.0515  Special risk membership.--
25     (c)  Any member of the Special Risk Class who has earned
26creditable service in another membership class of the Florida
27Retirement System as a medical examiner or as an employee of a
28law enforcement agency in a forensic discipline as described in
29paragraph (2)(h), which service is within the purview of the
30Special Risk Class, may purchase additional retirement credit to
31upgrade such service to Special Risk Class service, to the
32extent of the percentages of the member's average final
33compensation provided in s. 121.091(1)(a)2. Contributions for
34upgrading such service to Special Risk Class credit under this
35subsection shall be equal to the difference in the contributions
36paid and the Special Risk Class contribution rate as a
37percentage of gross salary in effect for the period being
38claimed, plus interest thereon at the rate of 6.5 percent a
39year, compounded annually until the date of payment. This
40service credit may be purchased by the employer on behalf of the
42     Section 2.  Effective July 1, 2006, in order to fund the
43benefits provided under section 1 of this act, the contribution
44rate that applies to the Special Risk Class of the Florida
45Retirement System shall be increased by 0.01 percentage points.
46This increase shall be in addition to all other changes to such
47contribution rates that may be enacted into law to take effect
48on that date. The Division of Statutory Revision is directed to
49adjust accordingly the contribution rates set forth in s.
50121.71, Florida Statutes.
51     Section 3.  Effective July 1, 2006, there is appropriated
52$100,000 from the General Revenue Fund on a recurring basis to
53Administered Funds to fund the state costs associated with the
54retirement benefits granted by this act.
55     Section 4.  The Legislature finds that a proper and
56legitimate state purpose is served when employees and retirees
57of the state and its political subdivisions, and the dependents,
58survivors, and beneficiaries of such employees and retirees, are
59extended additional protections afforded by governmental
60retirement systems. These persons must be provided benefits that
61are fair and adequate and that are managed, administered, and
62funded in a sound actuarial manner, as required by Section 14,
63Article X of the State Constitution and part VII of chapter 112,
64Florida Statutes. Therefore, the Legislature hereby determines
65and declares that this act fulfills an important state interest.
66     Section 5.  Except as otherwise expressly provided in this
67act, this act shall take effect upon becoming a law.

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