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A bill to be entitled

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An act relating to retirement; creating s. 121.355, F.S.;

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authorizing certain former participants in the Community

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College Optional Retirement Program or the State

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University System Optional Retirement Program and present

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mandatory participants in the Florida Retirement System to

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receive a specified amount of service credit under certain

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conditions; providing a specified time period for the

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election of such transfer; 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.  Section 121.355, Florida Statutes, is created to

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read:

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     121.355 Community College Optional Retirement Program and

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State University System Optional Retirement Program member

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transfer.--Effective January 1, 2009, through December 31, 2009,

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an employee who is a former participant in the Community College

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Optional Retirement Program or the State University System

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Optional Retirement Program and present mandatory participant in

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the Florida Retirement System may receive service credit equal to

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his or her years of service under the Community College Optional

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Retirement Program or the State University System Optional

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Retirement Program under the following conditions:

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     (1) The cost for such credit shall be an amount

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representing the actuarial accrued liability for the affected

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period of service. The cost shall be calculated using the

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discount rate and other relevant actuarial assumptions that were

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used to value the Florida Retirement System defined benefit plan

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liabilities in the most recent actuarial valuation. The

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calculation shall include any service already maintained under

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the defined benefit plan in addition to the years under the

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Community College Optional Retirement Program or the State

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University System Optional Retirement Program. The actuarial

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accrued liability of any service already maintained under the

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defined benefit plan shall be applied as a credit to total cost

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resulting from the calculation. The division shall ensure that

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the transfer sum is prepared using a formula and methodology

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certified by an enrolled actuary.

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     (2) The employee must transfer from his or her Community

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College Optional Retirement Program account or State University

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System Optional Retirement Program account, and from other

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employee moneys as necessary, a sum representing the actuarial

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accrued liability immediately following the time of such

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movement, determined assuming that attained service equals the

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sum of service in the defined benefit program and service in the

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Community College Optional Retirement Program or State University

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System Optional Retirement Program.

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     Section 2.  This act shall take effect July 1, 2008.