| 1 | A bill to be entitled |
| 2 | An act relating to the Special Risk Class of the Florida |
| 3 | Retirement System; amending s. 121.0515, F.S.; authorizing |
| 4 | certain employees to purchase additional retirement credit |
| 5 | for past service at a 3-percent Special Risk Class accrual |
| 6 | value; providing for contribution rate increases to fund |
| 7 | certain benefits; directing the Division of Statutory |
| 8 | Revision to adjust certain contribution rates; providing a |
| 9 | statement of important state interest; providing an |
| 10 | effective date. |
| 11 |
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| 12 | Be It Enacted by the Legislature of the State of Florida: |
| 13 |
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| 14 | Section 1. Subsection (5) of section 121.0515, Florida |
| 15 | Statutes, is amended to read: |
| 16 | 121.0515 Special risk membership.-- |
| 17 | (5) CREDIT FOR PAST SERVICE.--A special risk member may |
| 18 | purchase retirement credit in the Special Risk Class based upon |
| 19 | past service, and may upgrade retirement credit for such past |
| 20 | service, to the extent of 3 2 percent of the member's average |
| 21 | monthly compensation as specified in s. 121.091(1)(a) for such |
| 22 | service as follows: |
| 23 | (a) The member may purchase special risk credit for past |
| 24 | service with a city or special district which has elected to |
| 25 | join the Florida Retirement System, or with a participating |
| 26 | agency to which a member's governmental unit was transferred, |
| 27 | merged, or consolidated as provided in s. 121.081(1)(f), if the |
| 28 | member was employed with the city or special district at the |
| 29 | time it commenced participating in the Florida Retirement System |
| 30 | or with the governmental unit at the time of its transfer, |
| 31 | merger, or consolidation with the participating agency. The |
| 32 | service must satisfy the criteria set forth in subsection (2) |
| 33 | for special risk membership as a law enforcement officer, a |
| 34 | firefighter, a or correctional officer, or an emergency medical |
| 35 | technician or paramedic whose employer was a licensed advanced |
| 36 | life support or basic life support provider; however, no |
| 37 | certificate or waiver of certificate of compliance with s. |
| 38 | 943.1395 or s. 633.35 shall be required for such service. |
| 39 | (b) Contributions for upgrading the additional special |
| 40 | risk credit pursuant to this subsection shall be equal to the |
| 41 | difference in the contributions paid and the special risk |
| 42 | percentage rate of gross salary in effect at the time of |
| 43 | purchase for the period being claimed, plus interest thereon at |
| 44 | the rate of 4 percent a year compounded annually from the date |
| 45 | of such service until July 1, 1975, and 6.5 percent a year |
| 46 | thereafter until the date of payment. This past service may be |
| 47 | purchased by the member or by the employer on behalf of the |
| 48 | member. |
| 49 | Section 2. Effective July 1, 2008, in order to fund the |
| 50 | benefit improvements provided in s. 121.0515, Florida Statutes, |
| 51 | as amended by this act, the contribution rate that applies to |
| 52 | the Special Risk Class of the defined benefit program of the |
| 53 | Florida Retirement System shall be increased by 0.07 percentage |
| 54 | points. This increase shall be in addition to all other changes |
| 55 | to such contribution rates which may be enacted into law to take |
| 56 | effect on that date. The Division of Statutory Revision is |
| 57 | directed to adjust accordingly the contribution rates set forth |
| 58 | in s. 121.71, Florida Statutes. |
| 59 | Section 3. The Legislature finds that a proper and |
| 60 | legitimate state purpose is served when employees and retirees |
| 61 | of the state and its political subdivisions and the dependents, |
| 62 | survivors, and beneficiaries of such employees and retirees are |
| 63 | extended the basic protections afforded by governmental |
| 64 | retirement systems. These persons must be provided benefits that |
| 65 | are fair and adequate and that are managed, administered, and |
| 66 | funded in an actuarially sound manner, as required by s. 14, |
| 67 | Art. X of the State Constitution and part VII of chapter 112, |
| 68 | Florida Statutes. Therefore, the Legislature determines and |
| 69 | declares that this act fulfills an important state interest. |
| 70 | Section 4. This act shall take effect July 1, 2008. |