| 1 | The Governmental Operations Committee recommends the following: |
| 2 |
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| 3 | Council/Committee Substitute |
| 4 | Remove the entire bill and insert: |
| 5 | A bill to be entitled |
| 6 | An act relating to the Florida Retirement System; amending |
| 7 | s. 121.0515, F.S.; authorizing certain employees to |
| 8 | purchase additional retirement credit to upgrade prior |
| 9 | service to Special Risk Class service; providing for the |
| 10 | calculation of contributions for such service upgrade; |
| 11 | authorizing the employer to purchase such additional |
| 12 | credit for the employee; providing a statement of |
| 13 | important state interest; providing an effective date. |
| 14 |
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| 15 | Be It Enacted by the Legislature of the State of Florida: |
| 16 |
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| 17 | Section 1. Paragraph (c) is added to subsection (9) of |
| 18 | section 121.0515, Florida Statutes, to read: |
| 19 | 121.0515 Special risk membership.-- |
| 20 | (9) CREDIT FOR UPGRADED SERVICE.-- |
| 21 | (c) Any member of the Special Risk Class who has earned |
| 22 | creditable service in the Regular Class of the Florida |
| 23 | Retirement System between July 1, 1978, and June 30, 1984, while |
| 24 | attending a certified training academy or other certified |
| 25 | training facility approved by the employer for certification as |
| 26 | a law enforcement officer or correctional officer, which service |
| 27 | is within the purview of the Special Risk Class, may purchase |
| 28 | such service to upgrade to Special Risk Class service, to the |
| 29 | extent of the percentages of the member's average final |
| 30 | compensation as provided in s. 121.091(1)(a)2. Contributions for |
| 31 | upgrading such service to Special Risk Class credit under this |
| 32 | paragraph shall be equal to the difference in the contributions |
| 33 | paid and the Special Risk Class contribution rate as a |
| 34 | percentage of gross salary in effect for the period being |
| 35 | claimed, plus interest thereon at the rate of 6.5 percent per |
| 36 | year, compounded annually until the date of payment. This |
| 37 | service credit may be purchased by the employer on behalf of the |
| 38 | member. |
| 39 | Section 2. The Legislature finds that a proper and |
| 40 | legitimate state purpose is served when employees and retirees |
| 41 | of the state and its political subdivisions, and the dependents, |
| 42 | survivors, and beneficiaries of such employees and retirees, are |
| 43 | extended the basic protections afforded by governmental |
| 44 | retirement systems. These persons must be provided benefits that |
| 45 | are fair and adequate and that are managed, administered, and |
| 46 | funded in an actuarially sound manner, as required by s. 14, |
| 47 | Art. X of the State Constitution, and part VII of chapter 112, |
| 48 | Florida Statutes. Therefore, the Legislature determines and |
| 49 | declares that this act fulfills an important state interest. |
| 50 | Section 3. This act shall take effect upon becoming a law. |