Senate Bill sb1936
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    Florida Senate - 2006                                  SB 1936
    By Senator Garcia
    40-1238-06                                          See HB 671
  1                      A bill to be entitled
  2         An act relating to the Florida Retirement
  3         System; amending s. 121.0515, F.S.; increasing
  4         the percentage of the Special Risk Class
  5         accrual value at which certain employees may
  6         purchase additional retirement credit for past
  7         service; authorizing certain employees to
  8         purchase additional retirement credit to
  9         upgrade prior service to Special Risk Class
10         service; providing for the calculation of
11         contributions for such service upgrade;
12         authorizing the employer to purchase such
13         additional credit for the employee; providing
14         for contribution rate increases to fund
15         benefits provided in s. 121.0515, F.S., as
16         amended; directing the Division of Statutory
17         Revision to adjust contribution rates set forth
18         in s. 121.71, F.S.; providing a statement of
19         important state interest; providing an
20         effective date.
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22  Be It Enacted by the Legislature of the State of Florida:
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24         Section 1.  Subsection (5) of section 121.0515, Florida
25  Statutes, is amended, and paragraph (c) is added to subsection
26  (9) of that section, to read:
27         121.0515  Special risk membership.--
28         (5)  CREDIT FOR PAST SERVICE.--A special risk member
29  may purchase retirement credit in the Special Risk Class based
30  upon past service, and may upgrade retirement credit for such
31  past service, to the extent of 3 2 percent of the member's
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CODING: Words stricken are deletions; words underlined are additions.
    Florida Senate - 2006                                  SB 1936
    40-1238-06                                          See HB 671
 1  average monthly compensation as specified in s. 121.091(1)(a)
 2  for such service as follows:
 3         (a)  The member may purchase special risk credit for
 4  past service with a city or special district which has elected
 5  to join the Florida Retirement System, or with a participating
 6  agency to which a member's governmental unit was transferred,
 7  merged, or consolidated as provided in s. 121.081(1)(f), if
 8  the member was employed with the city or special district at
 9  the time it commenced participating in the Florida Retirement
10  System or with the governmental unit at the time of its
11  transfer, merger, or consolidation with the participating
12  agency. The service must satisfy the criteria set forth in
13  subsection (2) for special risk membership as a law
14  enforcement officer, firefighter, or correctional officer or
15  an emergency medical technician or a paramedic whose employer
16  was a licensed Advance Life Support (ALS) or Basic Life
17  Support (BLS) provider; however, no certificate or waiver of
18  certificate of compliance with s. 943.1395 or s. 633.35 shall
19  be required for such service.
20         (b)  Contributions for upgrading the additional special
21  risk credit pursuant to this subsection shall be equal to the
22  difference in the contributions paid and the special risk
23  percentage rate of gross salary in effect at the time of
24  purchase for the period being claimed, plus interest thereon
25  at the rate of 4 percent a year compounded annually from the
26  date of such service until July 1, 1975, and 6.5 percent a
27  year thereafter until the date of payment. This past service
28  may be purchased by the member or by the employer on behalf of
29  the member.
30         (9)  CREDIT FOR UPGRADED SERVICE.--
31  
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CODING: Words stricken are deletions; words underlined are additions.
    Florida Senate - 2006                                  SB 1936
    40-1238-06                                          See HB 671
 1         (c)  Any member of the Special Risk Class who has
 2  earned creditable service in the Regular Class of the Florida
 3  Retirement System between July 1, 1978, and June 30, 1984,
 4  while attending a certified training academy or other
 5  certified training facility approved by the employer for
 6  certification as a law enforcement officer or correctional
 7  officer, which service is within the purview of the Special
 8  Risk Class, may purchase such service to upgrade to Special
 9  Risk Class service, to the extent of the percentages of the
10  member's average final compensation as provided in s.
11  121.091(1)(a)2. Contributions for upgrading such service to
12  Special Risk Class credit under this paragraph shall be equal
13  to the difference in the contributions paid and the Special
14  Risk Class contribution rate as a percentage of gross salary
15  in effect for the period being claimed, plus interest thereon
16  at the rate of 6.5 percent per year, compounded annually until
17  the date of payment. This service credit may be purchased by
18  the employer on behalf of the member.
19         Section 2.  Effective July 1, 2006, in order to fund
20  the benefit improvements provided in s. 121.0515, Florida
21  Statutes, as amended by this act, the contribution rate that
22  applies to the Special Risk Class of the defined benefit
23  program of the Florida Retirement System shall be increased by
24  0.07 percentage points. This increase shall be in addition to
25  all other changes to such contribution rates which may be
26  enacted into law to take effect on that date. The Division of
27  Statutory Revision is directed to adjust accordingly the
28  contribution rates set forth in s. 121.71, Florida Statutes.
29         Section 3.  The Legislature finds that a proper and
30  legitimate state purpose is served when employees and retirees
31  of the state and its political subdivisions, and the
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CODING: Words stricken are deletions; words underlined are additions.
    Florida Senate - 2006                                  SB 1936
    40-1238-06                                          See HB 671
 1  dependents, survivors, and beneficiaries of such employees and
 2  retirees, are extended the basic protections afforded by
 3  governmental retirement systems. These persons must be
 4  provided benefits that are fair and adequate and that are
 5  managed, administered, and funded in an actuarially sound
 6  manner, as required by s. 14, Art. X of the State
 7  Constitution, and part VII of chapter 112, Florida Statutes.
 8  Therefore, the Legislature determines and declares that this
 9  act fulfills an important state interest.
10         Section 4.  This act shall take effect upon becoming a
11  law.
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