Senate Bill sb0130c1

    Florida Senate - 2007                            CS for SB 130

    By the Committee on Governmental Operations; and Senator
    Fasano




    585-2424-07

  1                      A bill to be entitled

  2         An act relating to the Florida Retirement

  3         System; amending s. 121.0515, F.S.; authorizing

  4         certain employees to purchase additional

  5         retirement credit to upgrade prior service to

  6         Special Risk Class service; providing for the

  7         calculation of contributions for such service

  8         upgrade; authorizing the employer to purchase

  9         such additional credit for the employee;

10         providing a statement of important state

11         interest; providing an effective date.

12  

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

14  

15         Section 1.  Paragraph (c) is added to subsection (9) of

16  section 121.0515, Florida Statutes, to read:

17         121.0515  Special risk membership.--

18         (9)  CREDIT FOR UPGRADED SERVICE.--

19         (c)  Any member of the Special Risk Class who has

20  earned creditable service in the Regular Class of the Florida

21  Retirement System between July 1, 1978, and June 30, 1984,

22  while attending a certified training academy or other

23  certified training facility approved by the employer for

24  certification as a law enforcement officer or correctional

25  officer, which service is within the purview of the Special

26  Risk Class, may purchase such service to upgrade to Special

27  Risk Class service, to the extent of the percentages of the

28  member's average final compensation as provided in s.

29  121.091(1)(a)2. Contributions for upgrading such service to

30  Special Risk Class credit under this paragraph shall be equal

31  to the difference in the contributions paid and the Special

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






    Florida Senate - 2007                            CS for SB 130
    585-2424-07




 1  Risk Class contribution rate as a percentage of gross salary

 2  in effect for the period being claimed, plus interest thereon

 3  at the rate of 6.5 percent per year, compounded annually until

 4  the date of payment. This service credit may be purchased by

 5  the employer on behalf of the member.

 6         Section 2.  The Legislature finds that a proper and

 7  legitimate state purpose is served when employees and retirees

 8  of the state and its political subdivisions, and the

 9  dependents, survivors, and beneficiaries of such employees and

10  retirees, are extended the basic protections afforded by

11  governmental retirement systems. These persons must be

12  provided benefits that are fair and adequate and that are

13  managed, administered, and funded in an actuarially sound

14  manner, as required by s. 14, Art. X of the State

15  Constitution, and part VII of chapter 112, Florida Statutes.

16  Therefore, the Legislature determines and declares that this

17  act fulfills an important state interest.

18         Section 3.  This act shall take effect July 1, 2007.

19  

20          STATEMENT OF SUBSTANTIAL CHANGES CONTAINED IN
                       COMMITTEE SUBSTITUTE FOR
21                         Senate Bill 130

22                                 

23  The Committee Substitute removes the section providing for
    funding of the benefit as its cost is actually below the
24  lowest recognized level of funding of 1 basis point (.01
    percent or .0001).
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CODING: Words stricken are deletions; words underlined are additions.