| 1 | A bill to be entitled |
| 2 | An act relating to retirement; creating s. 121.355, F.S.; |
| 3 | authorizing certain former participants in the Community |
| 4 | College Optional Retirement Program or the State |
| 5 | University System Optional Retirement Program and present |
| 6 | mandatory participants in the Florida Retirement System to |
| 7 | receive a specified amount of service credit under certain |
| 8 | conditions; providing a specified time period for the |
| 9 | election of such transfer; providing an effective date. |
| 10 |
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| 11 | Be It Enacted by the Legislature of the State of Florida: |
| 12 |
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| 13 | Section 1. Section 121.355, Florida Statutes, is created |
| 14 | to read: |
| 15 | 121.355 Community College Optional Retirement Program and |
| 16 | State University System Optional Retirement Program member |
| 17 | transfer.--Effective January 1, 2009, through December 31, 2009, |
| 18 | an employee who is a former participant in the Community College |
| 19 | Optional Retirement Program or the State University System |
| 20 | Optional Retirement Program and present mandatory participant in |
| 21 | the Florida Retirement System may receive service credit equal |
| 22 | to his or her years of service under the Community College |
| 23 | Optional Retirement Program or the State University System |
| 24 | Optional Retirement Program under the following conditions: |
| 25 | (1) The cost for such credit shall be an amount |
| 26 | representing the actuarial accrued liability for the affected |
| 27 | period of service. The cost shall be calculated using the |
| 28 | discount rate and other relevant actuarial assumptions that were |
| 29 | used to value the Florida Retirement System defined benefit plan |
| 30 | liabilities in the most recent actuarial valuation. The |
| 31 | calculation shall include any service already maintained under |
| 32 | the defined benefit plan in addition to the years under the |
| 33 | Community College Optional Retirement Program or the State |
| 34 | University System Optional Retirement Program. The actuarial |
| 35 | accrued liability of any service already maintained under the |
| 36 | defined benefit plan shall be applied as a credit to total cost |
| 37 | resulting from the calculation. The division shall ensure that |
| 38 | the transfer sum is prepared using a formula and methodology |
| 39 | certified by an enrolled actuary. |
| 40 | (2) The employee must transfer from his or her Community |
| 41 | College Optional Retirement Program account or State University |
| 42 | System Optional Retirement Program account, and from other |
| 43 | employee moneys as necessary, a sum representing the actuarial |
| 44 | accrued liability immediately following the time of such |
| 45 | movement, determined assuming that attained service equals the |
| 46 | sum of service in the defined benefit program and service in the |
| 47 | Community College Optional Retirement Program or State |
| 48 | University System Optional Retirement Program. |
| 49 | Section 2. This act shall take effect July 1, 2008. |