Florida Senate - 2011                        COMMITTEE AMENDMENT
       Bill No. SB 1130
       
       
       
       
       
       
                                Barcode 641980                          
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  03/10/2011           .                                
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       The Committee on Governmental Oversight and Accountability
       (Latvala) recommended the following:
       
    1         Senate Amendment to Amendment (200064) (with title
    2  amendment)
    3  
    4         Delete lines 306 - 322
    5  and insert:
    6         (45)(a) “Vested” or “vesting” means the guarantee that a
    7  member is eligible to receive a future retirement benefit upon
    8  completion of the required years of creditable service for the
    9  employee’s class of membership, even though the member may have
   10  terminated covered employment before reaching normal or early
   11  retirement date. Being vested does not entitle a member to a
   12  disability benefit. Provisions governing entitlement to
   13  disability benefits are set forth under s. 121.091(4).
   14         (a)(b) Effective July 1, 2001, a 6-year vesting requirement
   15  shall be implemented for the defined benefit program of the
   16  Florida Retirement System's pension plan System. Pursuant
   17  thereto:
   18         1. Any member employed in a regularly established position
   19  on July 1, 2001, who completes or has completed a total of 6
   20  years of creditable service is shall be considered vested as
   21  described in paragraph (a).
   22         2. Any member not employed in a regularly established
   23  position on July 1, 2001, shall be deemed vested upon completion
   24  of 6 years of creditable service if, provided that such member
   25  is employed in a covered position for at least 1 work year after
   26  July 1, 2001. However, a no member may not shall be required to
   27  complete more years of creditable service than would have been
   28  required for that member to vest under retirement laws in effect
   29  before July 1, 2001.
   30         (b) Effective July 1, 2011, an 8-year vesting requirement
   31  shall be implemented for the Florida Retirement System's pension
   32  plan.
   33         1. Any member employed in a regularly established position
   34  on July 1, 2011, who completes or has completed a total of 8
   35  years of creditable service is vested.
   36         2. Any member not employed in a regularly established
   37  position on July 1, 2011, shall be deemed vested upon completion
   38  of 8 years of creditable service if such member is employed in a
   39  covered position for at least 1 work year after July 1, 2011.
   40  However, a member may not be required to complete more years of
   41  creditable service than would have been required for that member
   42  to vest under retirement laws in effect before July 1, 2011.
   43  
   44  ================= T I T L E  A M E N D M E N T ================
   45         And the title is amended as follows:
   46         Delete line 4359
   47  and insert:
   48         “average final compensation,” “benefit,” “vested,” and
   49         “payee”;