| 1 | A bill to be entitled |
| 2 | An act relating to the City of Tampa, Hillsborough County; |
| 3 | amending s. 8, chapter 23559, Laws of Florida, 1945, as |
| 4 | amended; revising longevity retirement provisions to |
| 5 | provide for a multiplier of 1.20 percent for employees in |
| 6 | Division B, as amended; providing an effective date. |
| 7 |
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| 8 | Be It Enacted by the Legislature of the State of Florida: |
| 9 |
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| 10 | Section 1. Section 8 of chapter 23559, Laws of Florida, |
| 11 | 1945, as amended by chapter 2005-326, Laws of Florida, is |
| 12 | amended to read: |
| 13 | Section 8. Longevity Retirement Benefits. |
| 14 | (A) Division A Employees: An Employee in Division A whose |
| 15 | employment terminates on or after his or her Normal Retirement |
| 16 | Date shall receive a monthly pension benefit equal to 2 percent |
| 17 | of his or her Average Monthly Salary multiplied by his or her |
| 18 | Service, plus an additional .5 percent of his or her Average |
| 19 | Monthly Salary for each additional year of Service for |
| 20 | employment after 15 years for years served on or after January |
| 21 | 1, 1975, until a maximum of 30 years of Service is reached. |
| 22 | (B) Division B Employees: |
| 23 | 1. An Employee in Division B whose employment terminates |
| 24 | on or after his or her Normal Retirement Date shall receive a |
| 25 | monthly pension benefit equal to 1.20 1.15 percent of his or her |
| 26 | Average Monthly Salary multiplied by his or her Service. |
| 27 | 2. An Employee in Division B who was previously a member |
| 28 | of Division A whose employment terminates on or after his or her |
| 29 | Normal Retirement Date shall receive a pension calculated as in |
| 30 | subsection (B) 1. of this section subject to the following |
| 31 | minimum benefits: said Employee shall not receive less than his |
| 32 | or her Accrued Pension in Division A (calculated as in (A) |
| 33 | above), plus 1.20 1.15 percent of his or her Average Monthly |
| 34 | Salary multiplied by his or her Service after his or her Date of |
| 35 | Election. For the purposes of determining an Employee's Accrued |
| 36 | Pension in Division A under this subsection, his or her Average |
| 37 | Monthly Salary shall be calculated as of the Date of Election |
| 38 | and his or her Service shall be Service prior to the Date of |
| 39 | Election. |
| 40 | Section 2. This act shall take effect October 1, 2006. |