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A bill to be entitled

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An act relating to the Florida Retirement System; amending

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s. 121.0515, F.S.; authorizing certain employees to

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purchase additional retirement credit in order to upgrade

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prior service to Special Risk Class service; providing for

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the calculation of contributions for such service upgrade;

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authorizing the employer to purchase the additional credit

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for the employee; providing a statement of important state

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interest; providing an effective date.

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

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

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section 121.0515, Florida Statutes, to read:

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     121.0515  Special risk membership.--

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     (9)  CREDIT FOR UPGRADED SERVICE.--

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

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creditable service in the Regular Class of the Florida Retirement

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System between July 1, 1978, and June 30, 1984, while attending a

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certified training academy or other certified training facility

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approved by the employer for certification as a law enforcement

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officer or correctional officer, which service is within the

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purview of the Special Risk Class, may purchase such service to

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upgrade to Special Risk Class service, to the extent of the

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percentages of the member's average final compensation as

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provided in s. 121.091(1)(a)2. Contributions for upgrading such

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service to Special Risk Class credit under this paragraph shall

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be equal to the difference in the contributions paid and the

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Special Risk Class contribution rate as a percentage of gross

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salary in effect for the period being claimed, plus interest

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thereon at the rate of 6.5 percent per year, compounded annually

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until the date of payment. This service credit may be purchased

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by the employer on behalf of the member.

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     Section 2. The Legislature finds that a proper and

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legitimate state purpose is served when employees and retirees of

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the state and its political subdivisions, and the dependents,

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survivors, and beneficiaries of such employees and retirees, are

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extended the basic protections afforded by governmental

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retirement systems. These persons must be provided benefits that

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are fair and adequate and that are managed, administered, and

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funded in an actuarially sound manner, as required by s. 14, Art.

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X of the State Constitution, and part VII of chapter 112, Florida

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Statutes. Therefore, the Legislature determines and declares that

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this act fulfills an important state interest.

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     Section 3.  This act shall take effect July 1, 2008.