Senate Bill sb2760

    Florida Senate - 2006        (NP)                      SB 2760

    By Senator Sebesta





    16-1026-06                                              See HB

  1                      A bill to be entitled

  2         An act relating to the City of Tampa,

  3         Hillsborough County; amending s. 8, chapter

  4         23559, Laws of Florida, 1945, as amended;

  5         revising longevity retirement provisions to

  6         provide for a multiplier of 1.20 percent for

  7         employees in Division B, as amended; providing

  8         an effective date.

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

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12         Section 1.  Section 8 of chapter 23559, Laws of

13  Florida, 1945, as amended by chapter 2005-326, Laws of

14  Florida, is amended to read:

15         Section 8.  Longevity Retirement Benefits.

16         (A)  Division A Employees: An Employee in Division A

17  whose employment terminates on or after his or her Normal

18  Retirement Date shall receive a monthly pension benefit equal

19  to 2 percent of his or her Average Monthly Salary multiplied

20  by his or her Service, plus an additional .5 percent of his or

21  her Average Monthly Salary for each additional year of Service

22  for employment after 15 years for years served on or after

23  January 1, 1975, until a maximum of 30 years of Service is

24  reached.

25         (B)  Division B Employees:

26         1.  An Employee in Division B whose employment

27  terminates on or after his or her Normal Retirement Date shall

28  receive a monthly pension benefit equal to 1.20 1.15 percent

29  of his or her Average Monthly Salary multiplied by his or her

30  Service.

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






    Florida Senate - 2006        (NP)                      SB 2760
    16-1026-06                                              See HB




 1         2.  An Employee in Division B who was previously a

 2  member of Division A whose employment terminates on or after

 3  his or her Normal Retirement Date shall receive a pension

 4  calculated as in subsection (B) 1. of this section subject to

 5  the following minimum benefits: said Employee shall not

 6  receive less than his or her Accrued Pension in Division A

 7  (calculated as in (A) above), plus 1.20 1.15 percent of his or

 8  her Average Monthly Salary multiplied by his or her Service

 9  after his or her Date of Election. For the purposes of

10  determining an Employee's Accrued Pension in Division A under

11  this subsection, his or her Average Monthly Salary shall be

12  calculated as of the Date of Election and his or her Service

13  shall be Service prior to the Date of Election.

14         Section 2.  This act shall take effect October 1, 2006.

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