HB 0285 2004
1	A bill to be entitled
2	An act relating to the Florida Retirement System; amending
3	s. 121.0515, F.S.; authorizing certain employees to
4	purchase additional retirement credit to upgrade prior
5	service to Special Risk Class service; providing for the
6	calculation of contributions for such service upgrade;
7	authorizing the employer to purchase such additional
8	credit for the employee; providing an effective date.
9
10	Be It Enacted by the Legislature of the State of Florida:
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12	Section 1. Paragraph (c) is added to subsection (9) of
13	section 121.0515, Florida Statutes, to read:
14	121.0515 Special risk membership.--
15	(9) CREDIT FOR UPGRADED SERVICE.--
16	(c) Any member of the Special Risk Class who has earned
17	creditable service in another membership class of the Florida
18	Retirement System as a community-based correctional probation
19	officer, which service is within the purview of the Special Risk
20	Class, may purchase additional retirement credit to upgrade such
21	service to Special Risk Class service, to the extent of the
22	percentages of the member's average final compensation provided
23	in s. 121.091(1)(a)2. Contributions for upgrading such service
24	to Special Risk Class credit under this subsection shall be
25	equal to the difference in the contributions paid and the
26	Special Risk Class contribution rate as a percentage of gross
27	salary in effect for the period being claimed, plus interest
28	thereon at the rate of 6.5 percent a year, compounded annually
29	until the date of payment. Such purchased service credits shall,
30	for purposes of s. 121.091, apply toward satisfaction of the
31	special risk normal retirement date, as defined in s.
32	121.021(29)(b). This service credit may be purchased by the
33	employer on behalf of the member.
34	Section 2. This act shall take effect upon becoming a law.