Senate Bill sb2332
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2007 SB 2332
By Senator Wilson
33-1259-07
1 A bill to be entitled
2 An act relating to the Florida Retirement
3 System; amending s. 121.055, F.S.; specifying
4 the retirement credit rate for members of the
5 Senior Management Service Class; amending s.
6 121.71, F.S.; specifying employer retirement
7 contribution rates for the Senior Management
8 Service Class; providing a declaration of
9 important state interest; providing an
10 effective date.
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12 Be It Enacted by the Legislature of the State of Florida:
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14 Section 1. Paragraph (d) of subsection (4) of section
15 121.055, Florida Statutes, is amended, and paragraph (e) is
16 added to that subsection, to read:
17 121.055 Senior Management Service Class.--There is
18 hereby established a separate class of membership within the
19 Florida Retirement System to be known as the "Senior
20 Management Service Class," which shall become effective
21 February 1, 1987.
22 (4)
23 (d) A member of the Senior Management Service Class
24 shall receive retirement credit at the rate of 2 percent of
25 average final compensation for each year of service in such
26 class between after January 31, 1987, and June 30, 2007.
27 (e) A member of the Senior Management Service Class
28 shall receive retirement credit at the rate of 2.5 percent of
29 average final compensation for each year of service in such
30 class after June 30, 2007.
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CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2007 SB 2332
33-1259-07
1 Section 2. Subsection (3) of section 121.71, Florida
2 Statutes, is amended to read:
3 121.71 Uniform rates; process; calculations; levy.--
4 (3) Required employer retirement contribution rates
5 for each membership class and subclass of the Florida
6 Retirement System for both retirement plans are as follows:
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8 Percentage of Percentage of
9 Gross Gross
10 Compensation, Compensation,
11 Effective Effective
12 Membership Class July 1, 2006 July 1, 2007
13 Regular Class 8.69% 9.55%
14 Special Risk Class 19.76% 21.96%
15 Special Risk 11.39% 12.65%
16 Administrative
17 Support Class
18 Elected Officers' Class-- 13.32% 14.80%
19 Legislators, Governor,
20 Lt. Governor,
21 Cabinet Officers,
22 State Attorneys,
23 Public Defenders
24 Elected Officers' Class-- 18.40% 20.44%
25 Justices, Judges
26 Elected Officers' Class-- 15.37% 17.08%
27 County Elected Officers
28 Senior Management Class 11.96% 13.29%
29 DROP 9.80% 10.89%
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CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2007 SB 2332
33-1259-07
1 Section 3. The Legislature finds that a proper and
2 legitimate state purpose is served when employees and retirees
3 of the state and its political subdivisions, and the
4 dependents, survivors, and beneficiaries of such employees and
5 retirees, are extended the basic protections afforded by
6 governmental retirement systems. These persons must be
7 provided benefits that are fair and adequate and that are
8 managed, administered, and funded in an actuarially sound
9 manner, as required by Section 14, Article X of the State
10 Constitution and part VII of chapter 112, Florida Statutes.
11 Therefore, the Legislature determines and declares that this
12 act fulfills an important state interest.
13 Section 4. This act shall take effect July 1, 2007.
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16 SENATE SUMMARY
17 Increases the retirement credit for members of the Senior
Management Service Class of the Florida Retirement System
18 to 2.5 percent of average final compensation and
specifies the employer contribution rate for the class.
19 Provides a finding of important state interest.
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CODING: Words stricken are deletions; words underlined are additions.