HB 91

A bill to be entitled
2An act relating to the Special Risk Class of the Florida
3Retirement System; amending s. 121.0515, F.S.; authorizing
4certain employees to purchase additional retirement credit
5for past service at a 3-percent Special Risk Class accrual
6value; providing for contribution rate increases to fund
7certain benefits; directing the Division of Statutory
8Revision to adjust certain contribution rates; providing a
9statement of important state interest; providing an
10effective date.
12Be It Enacted by the Legislature of the State of Florida:
14     Section 1.  Subsection (5) of section 121.0515, Florida
15Statutes, is amended to read:
16     121.0515  Special risk membership.--
17     (5)  CREDIT FOR PAST SERVICE.--A special risk member may
18purchase retirement credit in the Special Risk Class based upon
19past service, and may upgrade retirement credit for such past
20service, to the extent of 3 2 percent of the member's average
21monthly compensation as specified in s. 121.091(1)(a) for such
22service as follows:
23     (a)  The member may purchase special risk credit for past
24service with a city or special district which has elected to
25join the Florida Retirement System, or with a participating
26agency to which a member's governmental unit was transferred,
27merged, or consolidated as provided in s. 121.081(1)(f), if the
28member was employed with the city or special district at the
29time it commenced participating in the Florida Retirement System
30or with the governmental unit at the time of its transfer,
31merger, or consolidation with the participating agency. The
32service must satisfy the criteria set forth in subsection (2)
33for special risk membership as a law enforcement officer, a
34firefighter, a or correctional officer, an emergency medical
35technician, or a paramedic whose employer was a licensed Advance
36Life Support (ALS) or Basic Life Support (BLS) provider;
37however, no certificate or waiver of certificate of compliance
38with s. 943.1395 or s. 633.35 shall be required for such
40     (b)  Contributions for upgrading the additional special
41risk credit pursuant to this subsection shall be equal to the
42difference in the contributions paid and the special risk
43percentage rate of gross salary in effect at the time of
44purchase for the period being claimed, plus interest thereon at
45the rate of 4 percent a year compounded annually from the date
46of such service until July 1, 1975, and 6.5 percent a year
47thereafter until the date of payment. This past service may be
48purchased by the member or by the employer on behalf of the
50     Section 2.  Effective July 1, 2007, in order to fund the
51benefit improvements provided in s. 121.0515, Florida Statutes,
52as amended by this act, the contribution rate that applies to
53the Special Risk Class of the defined benefit program of the
54Florida Retirement System shall be increased by 0.07 percentage
55points. This increase shall be in addition to all other changes
56to such contribution rates which may be enacted into law to take
57effect on that date. The Division of Statutory Revision is
58directed to adjust accordingly the contribution rates set forth
59in s. 121.71, Florida Statutes.
60     Section 3.  The Legislature finds that a proper and
61legitimate state purpose is served when employees and retirees
62of the state and its political subdivisions, and the dependents,
63survivors, and beneficiaries of such employees and retirees, are
64extended the basic protections afforded by governmental
65retirement systems. These persons must be provided benefits that
66are fair and adequate and that are managed, administered, and
67funded in an actuarially sound manner, as required by s. 14,
68Art. X of the State Constitution and part VII of chapter 112,
69Florida Statutes. Therefore, the Legislature determines and
70declares that this act fulfills an important state interest.
71     Section 4.  This act shall take effect July 1, 2007.

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