HB 551

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


CODING: Words stricken are deletions; words underlined are additions.