| 1 | A bill to be entitled |
| 2 | An act relating to the Florida Retirement System; amending |
| 3 | s. 121.0515, F.S.; authorizing certain members to purchase |
| 4 | additional retirement credit to upgrade prior service to |
| 5 | Special Risk Class service; providing for the calculation |
| 6 | of contributions for such service upgrade; authorizing the |
| 7 | employer to purchase such additional credit for the |
| 8 | member; increasing a contribution rate for certain benefit |
| 9 | change funding purposes; directing the Division of |
| 10 | Statutory Revision to adjust contribution rates set forth |
| 11 | in s. 121.71, F.S.; providing a declaration of important |
| 12 | state interest; providing an effective date. |
| 13 |
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| 14 | Be It Enacted by the Legislature of the State of Florida: |
| 15 |
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| 16 | Section 1. Paragraph (c) is added to subsection (9) of |
| 17 | section 121.0515, Florida Statutes, to read: |
| 18 | 121.0515 Special risk membership.-- |
| 19 | (9) CREDIT FOR UPGRADED SERVICE.-- |
| 20 | (c) Any member of the Special Risk Class who has earned |
| 21 | creditable service in another membership class of the Florida |
| 22 | Retirement System as a medical examiner or as an employee of a |
| 23 | law enforcement agency in a forensic discipline as described in |
| 24 | paragraph (2)(h), which service is within the purview of the |
| 25 | Special Risk Class, may purchase additional retirement credit to |
| 26 | upgrade such service to Special Risk Class service to the extent |
| 27 | of the percentages of the member's average final compensation |
| 28 | provided in s. 121.091(1)(a)2. Contributions for upgrading such |
| 29 | service to Special Risk Class credit under this subsection shall |
| 30 | be equal to the difference in the contributions paid and the |
| 31 | Special Risk Class contribution rate as a percentage of gross |
| 32 | salary in effect for the period being claimed, plus interest |
| 33 | thereon at the rate of 6.5 percent a year, compounded annually |
| 34 | until the date of payment. This service credit may be purchased |
| 35 | by the employer on behalf of the member. |
| 36 | Section 2. Effective July 1, 2008, in order to fund the |
| 37 | benefits provided under section 1, the contribution rate that |
| 38 | applies to the Special Risk Class of the Florida Retirement |
| 39 | System shall be increased by 0.01 percentage points. This |
| 40 | increase shall be in addition to all other changes to such |
| 41 | contribution rates which may be enacted into law to take effect |
| 42 | on that date. The Division of Statutory Revision is directed to |
| 43 | adjust accordingly the contribution rates set forth in s. |
| 44 | 121.71, Florida Statutes. |
| 45 | Section 3. The Legislature finds that a proper and |
| 46 | legitimate state purpose is served when employees and retirees |
| 47 | of the state and its political subdivisions, and the dependents, |
| 48 | survivors, and beneficiaries of such employees and retirees, are |
| 49 | extended additional protections afforded by governmental |
| 50 | retirement systems. These persons must be provided benefits that |
| 51 | are fair and adequate and that are managed, administered, and |
| 52 | funded in a sound actuarial manner, as required by Section 14, |
| 53 | Article X of the State Constitution and part VII of chapter 112, |
| 54 | Florida Statutes. Therefore, the Legislature hereby determines |
| 55 | and declares that this act fulfills an important state interest. |
| 56 | Section 4. This act shall take effect July 1, 2008. |