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Senator Lawson moved the following amendment:

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     Senate Amendment (with title amendment)

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     Between line(s) 1255-1256,

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insert:

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     Section 15.  Paragraph (a) of subsection (4) of section

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121.35, Florida Statutes, is amended, and paragraph (g) is added

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to that subsection, to read:

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     121.35  Optional retirement program for the State University

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System.--

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     (4)  CONTRIBUTIONS.--

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     (a)  Through June 30, 2001, each employer shall contribute

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on behalf of each participant in the optional retirement program

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an amount equal to the normal cost portion of the employer

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retirement contribution which would be required if the

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participant were a regular member of the Florida Retirement

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System defined benefit program, plus the portion of the

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contribution rate required in s. 112.363(8) that would otherwise

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be assigned to the Retiree Health Insurance Subsidy Trust Fund.

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Effective July 1, 2001, each employer shall contribute on behalf

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of each participant in the optional program an amount equal to

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10.43 percent of the participant's gross monthly compensation.

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The department shall deduct an amount approved by the Legislature

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to provide for the administration of this program. The payment of

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the contributions to the optional program which is required by

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this paragraph for each participant shall be made by the employer

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to the department, which shall forward the contributions to the

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designated company or companies contracting for payment of

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benefits for the participant under the program. However, such

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contributions paid on behalf of an employee described in

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paragraph (3)(c) shall not be forwarded to a company and shall

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not begin to accrue interest until the employee has executed a an

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annuity contract and notified the department.

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     (g) Effective July 1, 2008, for purposes of paragraph (a)

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and notwithstanding s. 121.021(22)(b)1., the term "participant's

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gross monthly compensation" includes salary payments made to

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eligible clinical faculty from a state university using funds

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provided by a faculty practice plan authorized by the Board of

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Governors of the State University System if:

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     1. There is not any employer contribution from the state

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university to any other retirement program with respect to such

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salary payments; and

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     2. The employer contribution on behalf of the participant

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in the optional retirement program with respect to such salary

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payments is made using funds provided by the faculty practice

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plan.

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     Section 16.  Section 121.355, Florida Statutes, is created

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to 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 defined benefit plan may receive

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service credit equal to his or her years of service under the

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Community College Optional Retirement Program or the State

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University System Optional Retirement Program under the following

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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, subject to the terms

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of the applicable optional retirement program contract, and from

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other employee moneys as necessary, a sum representing the

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actuarial accrued liability immediately following the time of

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such movement, determined assuming that attained service equals

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

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the Community College Optional Retirement Program or State

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University System Optional Retirement Program.

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     (3) The employee may not receive service credit for a

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period of mandatory participation in the State University

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Optional Retirement Program or for a period for which a

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distribution was received from the Community College Optional

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Retirement Program or State University System Optional Retirement

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Program.

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================ T I T L E  A M E N D M E N T ================

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And the title is amended as follows:

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     On line(s) 59, after the semicolon,

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insert:

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amending s. 121.35, F.S.; requiring the participating

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employee in the optional retirement program to execute a

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contract, not just an annuity contract, with a designated

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company in order for employee contributions to be

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forwarded to the company and for interest to accrue;

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defining the term "participant's gross monthly

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compensation" for purposes of the optional retirement

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program for the State University System; creating s.

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121.355, F.S.; authorizing certain former participants in

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the Community College Optional Retirement Program or the

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State University System Optional Retirement Program and

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present mandatory participants in the Florida Retirement

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System to receive a specified amount of service credit

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under certain conditions; providing a specified time

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period for the election of such transfer; limiting certain

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service credit;

4/23/2008  10:51:00 AM     6-08429-08