HB 1165

A bill to be entitled
2An act relating to the Florida Retirement System; amending
3s. 121.0515, F.S.; authorizing certain members to purchase
4additional retirement credit to upgrade prior service to
5Special Risk Class service; providing for the calculation
6of contributions for such service upgrade; authorizing the
7employer to purchase such additional credit for the
8member; increasing a contribution rate for certain benefit
9change funding purposes; directing the Division of
10Statutory Revision to adjust contribution rates set forth
11in s. 121.71, F.S.; providing a declaration of important
12state interest; providing an effective date.
14Be It Enacted by the Legislature of the State of Florida:
16     Section 1.  Paragraph (c) is added to subsection (9) of
17section 121.0515, Florida Statutes, to read:
18     121.0515  Special risk membership.--
20     (c)  Any member of the Special Risk Class who has earned
21creditable service in another membership class of the Florida
22Retirement System as a medical examiner or as an employee of a
23law enforcement agency in a forensic discipline as described in
24paragraph (2)(h), which service is within the purview of the
25Special Risk Class, may purchase additional retirement credit to
26upgrade such service to Special Risk Class service, to the
27extent of the percentages of the member's average final
28compensation provided in s. 121.091(1)(a)2. Contributions for
29upgrading such service to Special Risk Class credit under this
30subsection shall be equal to the difference in the contributions
31paid and the Special Risk Class contribution rate as a
32percentage of gross salary in effect for the period being
33claimed, plus interest thereon at the rate of 6.5 percent a
34year, compounded annually until the date of payment. This
35service credit may be purchased by the employer on behalf of the
37     Section 2.  Effective July 1, 2006, in order to fund the
38benefits provided under section 1 of this act, the contribution
39rate that applies to the Special Risk Class of the Florida
40Retirement System shall be increased by 0.01 percentage points.
41This increase shall be in addition to all other changes to such
42contribution rates that may be enacted into law to take effect
43on that date. The Division of Statutory Revision is directed to
44adjust accordingly the contribution rates set forth in s.
45121.71, Florida Statutes.
46     Section 3.  The Legislature finds that a proper and
47legitimate state purpose is served when employees and retirees
48of the state and its political subdivisions, and the dependents,
49survivors, and beneficiaries of such employees and retirees, are
50extended additional protections afforded by governmental
51retirement systems. These persons must be provided benefits that
52are fair and adequate and that are managed, administered, and
53funded in a sound actuarial manner, as required by Section 14,
54Article X of the State Constitution and part VII of chapter 112,
55Florida Statutes. Therefore, the Legislature hereby determines
56and declares that this act fulfills an important state interest.
57     Section 4.  This act shall take effect July 1, 2006.

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