Florida Senate - 2009                        COMMITTEE AMENDMENT
       Bill No. SB 1572
       
       
       
       
       
       
                                Barcode 750494                          
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: FAV            .                                
                  03/10/2009           .                                
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       The Committee on Community Affairs (Deutch) recommended the
       following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Delete lines 47 - 56
    4  and insert:
    5         (b) Contributions for upgrading the first 2 percent of the
    6  member's average monthly compensation for the additional special
    7  risk credit pursuant to this subsection shall be equal to the
    8  difference in the contributions paid and the special risk
    9  percentage rate of gross salary in effect at the time of
   10  purchase for the period being claimed, plus interest thereon at
   11  the rate of 4 percent a year compounded annually from the date
   12  of such service until July 1, 1975, and 6.5 percent a year
   13  thereafter until the date of payment. This past service may be
   14  purchased by the member or by the employer on behalf of the
   15  member.
   16         (c) Contributions for upgrading additional special risk
   17  credit in excess of 2 percent but not to exceed 3 percent of the
   18  member's average monthly compensation shall be an amount
   19  representing the actuarial accrued liability for the difference
   20  in accrual value during the period of service for which credit
   21  is being purchased. Contributions shall be calculated by an
   22  actuary designated by the department using the discount rate and
   23  other relevant actuarial assumptions that were used to value the
   24  Florida Retirement System defined benefit plan liabilities in
   25  the most recent actuarial valuation. The contribution for
   26  service credit being purchased must be paid by the member or by
   27  the employer on behalf of the member immediately upon
   28  notification by the division.
   29  
   30  ================= T I T L E  A M E N D M E N T ================
   31         And the title is amended as follows:
   32         Delete line 5
   33  and insert:
   34  Special Risk Class accrual value; providing requirements for
   35  calculating the first 2 percent of the a member's average
   36  monthly compensation for purposes of purchasing past service
   37  credit; providing requirements for purchasing past service
   38  credit in excess of 2 percent but not to exceed 3 percent of the
   39  member's average monthly compensation; providing requirements
   40  for calculating the contribution amount; requiring the
   41  contribution for past service credit to be paid immediately upon
   42  notification by the Division of Retirement; providing that past
   43  service credit may be purchased by the member or by the employer
   44  on behalf of the member; amending s. 175.041