CS/SB 952 — Senior Management Service Class
by Governmental Oversight and Accountability Committee and Senator Perry
This summary is provided for information only and does not represent the opinion of any Senator, Senate Officer, or Senate Office.
Prepared by: Governmental Oversight and Accountability Committee (GO)
This bill makes certain managerial employees of the criminal conflict and civil regional counsel offices members of the Senior Management Service Class (SMSC) (rather than the Regular Class) of the Florida Retirement System (FRS). For each employee participating in the pension plan of the FRS, this shift means the employee earns 2.0 percent service credit for each year of service rather than 1.6 percent service credit. For an employee participating in the investment plan of the FRS, the employee will receive contributions into the investment account equal to 7.67 percent of salary rather than 6.3 percent of salary.
Any employee shifted from the Regular Class to the SMSC may upgrade any retirement credit for service in the same position earned after October 1, 2007. The upgraded service credit may not be purchased by the member’s employer.
The bill increases the aggregate personnel costs incurred by the five offices of the criminal conflict and civil regional counsel by an estimated $288,234 annually for the positions enumerated in the bill for membership in the SMSC.
If approved by the Governor, these provisions take effect July 1, 2020.
Vote: Senate 39-0; House 114-0