The Florida Senate

121.73  Allocations for optional retirement program participant disability coverage; percentage amounts.--

(1)  The allocations established in subsection (3) shall be used to provide disability coverage for participants in the optional retirement program and shall be transferred monthly by the Division of Retirement from the Florida Retirement System Contributions Clearing Trust Fund to the disability account of the Florida Retirement System Trust Fund.

(2)  The allocations are stated as a percentage of each optional retirement program participant's gross compensation for the calendar month. A change in a contribution percentage is effective the first day of the month for which a full month's employer contribution may be made on or after the beginning date of the change. Contribution percentages may be modified by general law.

(3)  Effective July 1, 2002, allocations from the FRS Contribution Clearing Fund to provide disability coverage for participants in the optional retirement program, and to offset the costs of administering said coverage, shall be as follows:

History.--s. 1, ch. 2002-177.