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A bill to be entitled

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An act relating to the Distinguished Educator Retirement

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Option Program; creating the Christy Williamson, Teacher

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of the Century, Act; providing definitions; requiring each

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school district to establish a Distinguished Educator

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Retirement Option Program that funds a tax-sheltered

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annuity or custodial account for each teacher qualifying

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as a distinguished educator; providing for funding from

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the Florida Education Finance Program; providing a

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declaration of important state interest; providing an

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effective date.

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

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     Section 1. Distinguished Educator Retirement Option

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Program.--

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     (1) This section may be cited as the "Christy Williamson,

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Teacher of the Century, Act."

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     (2) As used in this section, the term:

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     (a) "Classroom teacher" means a classroom teacher as

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defined in s. 1012.01(2), Florida Statutes.

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     (b) "Distinguished educator" means a classroom teacher who:

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     1. Has been a classroom teacher for at least 3 years;

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     2. Is in good standing with the local school district; and

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     3. Has met the student learning gains requirements

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established by the Department of Education.

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     (c) "Title I school" means a school that receives Title I

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funding under the federal No Child Left Behind Act.

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     (3) Each school district shall implement and administer a

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Distinguished Educator Retirement Option Program that provides a

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tax-sheltered annuity or custodial account established pursuant

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to s. 403(b) of the Internal Revenue Code for each classroom

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teacher who is deemed to be a distinguished educator.

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     (a) The school board shall pay an amount equal to 3.59

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percent of the distinguished educator's annual salary to an

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insurance company licensed to do business in this state; to a

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credit union, bank, or savings and loan association qualified to

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do business in Florida; or to a custodial account to be invested

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in regulated investment company stock to be held in the custodial

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account, as selected by the distinguished educator,

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notwithstanding any other provision of law, as premiums on an

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annuity contract issued in the name of the educator or as payment

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into a qualified custodial account established pursuant to s.

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403(b) of the Internal Revenue Code.

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     (b) For a distinguished educator who teaches at a Title I

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school, the school board shall pay an additional amount equal to

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3.59 percent of the educator's annual salary in accordance with

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paragraph (a).

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     (c) A distinguished educator may pay a matching amount to

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the same account established pursuant to paragraph (a)

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     (d) The amount of the payments may not exceed the amount

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excludable from income under s. 403(b) of the Internal Revenue

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Code and shall be considered a part of the employee's salary for

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all purposes other than federal income taxation.

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     (4) The purchase of a tax-sheltered annuity or other

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investment that qualifies under the Internal Revenue Code and

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that is not prohibited under the laws of this state for an

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employee imposes no liability or responsibility on the employing

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agency except to show that the payments have been remitted for

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the purposes for which they are deducted.

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     (5) The Distinguished Educator Retirement Option Program

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shall be funded by the Florida Education Finance Program.

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     Section 2. The Legislature finds and declares that a proper

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and legitimate state purpose is served when employees and

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retirees of the state and its political subdivisions, and the

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dependents, survivors, and beneficiaries of such employees and

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retirees, are extended the basic protections afforded by

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governmental retirement systems.

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