| 1 | The Fiscal Council recommends the following: |
| 2 |
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| 3 | Council/Committee Substitute |
| 4 | Remove the entire bill and insert: |
| 5 | A bill to be entitled |
| 6 | An act relating to the Florida Retirement System; amending |
| 7 | s. 121.0515, F.S.; authorizing certain employees to |
| 8 | purchase additional retirement credit to upgrade prior |
| 9 | service as a community-based correctional probation |
| 10 | officer to Special Risk Class service; providing for the |
| 11 | calculation of contributions for such service upgrade; |
| 12 | providing that purchased credit shall be used to satisfy |
| 13 | the member's normal retirement date; authorizing the |
| 14 | employer to purchase such additional credit for the |
| 15 | employee; directing the Division of Statutory Revision to |
| 16 | adjust contribution rates set forth in s. 121.071, F.S.; |
| 17 | providing an effective date. |
| 18 |
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| 19 | Be It Enacted by the Legislature of the State of Florida: |
| 20 |
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| 21 | Section 1. Paragraph (c) is added to subsection (9) of |
| 22 | section 121.0515, Florida Statutes, to read: |
| 23 | 121.0515 Special risk membership.-- |
| 24 | (9) CREDIT FOR UPGRADED SERVICE.-- |
| 25 | (c) Any member of the Special Risk Class who has earned |
| 26 | creditable service in another membership class of the Florida |
| 27 | Retirement System as a community-based correctional probation |
| 28 | officer certified in compliance with s. 943.10(3), which service |
| 29 | is within the purview of the Special Risk Class, may purchase |
| 30 | additional retirement credit to upgrade such service to Special |
| 31 | Risk Class service, to the extent of the percentages of the |
| 32 | member's average final compensation as provided in s. |
| 33 | 121.091(1)(a)2. Contributions for upgrading such service to |
| 34 | Special Risk Class credit under this paragraph shall be equal to |
| 35 | the difference in the contributions paid and the Special Risk |
| 36 | Class contribution rate as a percentage of gross salary in |
| 37 | effect for the period being claimed, plus interest thereon at |
| 38 | the rate of 6.5 percent a year, compounded annually until the |
| 39 | date of payment. Such service credits shall, for purposes of s. |
| 40 | 121.091, apply toward satisfaction of the special risk normal |
| 41 | retirement date, as provided in s. 121.021(29)(b). This service |
| 42 | credit may be purchased by the employer on behalf of the member. |
| 43 | Section 2. Effective July 1, 2005, in order to fund the |
| 44 | benefits provided under section 1 of this act, the contribution |
| 45 | rate that applies to the Special Risk Class of the Florida |
| 46 | Retirement System shall be increased by 0.04 percentage points. |
| 47 | This increase shall be in addition to all other changes to such |
| 48 | contribution rates which may be enacted into law to take effect |
| 49 | on that date. The Division of Statutory Revision is directed to |
| 50 | adjust accordingly the contribution rates set forth in s. |
| 51 | 121.071, Florida Statutes. |
| 52 | Section 3. This act shall take effect upon becoming law. |