| 1 | A bill to be entitled |
| 2 | An act relating to the Florida Retirement System; amending |
| 3 | s. 121.021, F.S.; redefining the terms "normal retirement |
| 4 | date" and "normal retirement age" for a specified period |
| 5 | to allow normal retirement after 25 years of service and |
| 6 | attainment of age 50; limiting participation in the |
| 7 | Deferred Retirement Option Program; creating s. 121.185, |
| 8 | F.S.; authorizing the state to purchase annuities for |
| 9 | certain state personnel; providing effective dates. |
| 10 |
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| 11 | Be It Enacted by the Legislature of the State of Florida: |
| 12 |
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| 13 | Section 1. Paragraph (a) of subsection (29) of section |
| 14 | 121.021, Florida Statutes, is amended to read: |
| 15 | 121.021 Definitions.--The following words and phrases as |
| 16 | used in this chapter have the respective meanings set forth |
| 17 | unless a different meaning is plainly required by the context: |
| 18 | (29) "Normal retirement date" means the first day of any |
| 19 | month following the date a member attains one of the following |
| 20 | statuses: |
| 21 | (a) If a Regular Class member, the member: |
| 22 | 1. Completes 6 or more years of creditable service and |
| 23 | attains age 62; or |
| 24 | 2. Completes 25 30 years of creditable service, regardless |
| 25 | of age, which may include a maximum of 4 years of military |
| 26 | service credit as long as such credit is not claimed under any |
| 27 | other system and attains age 50. |
| 28 |
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| 29 | "Normal retirement age" is attained on the "normal retirement |
| 30 | date." |
| 31 | Section 2. Effective July 1, 2006, paragraph (a) of |
| 32 | subsection (29) of section 121.021, Florida Statutes, as amended |
| 33 | by this act, is amended to read: |
| 34 | 121.021 Definitions.--The following words and phrases as |
| 35 | used in this chapter have the respective meanings set forth |
| 36 | unless a different meaning is plainly required by the context: |
| 37 | (29) "Normal retirement date" means the first day of any |
| 38 | month following the date a member attains one of the following |
| 39 | statuses: |
| 40 | (a) If a Regular Class member, the member: |
| 41 | 1. Completes 6 or more years of creditable service and |
| 42 | attains age 62; or |
| 43 | 2. Completes 30 25 years of creditable service, regardless |
| 44 | of age, which may include a maximum of 4 years of military |
| 45 | service credit as long as such credit is not claimed under any |
| 46 | other system and attains age 50. |
| 47 |
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| 48 | "Normal retirement age" is attained on the "normal retirement |
| 49 | date." |
| 50 | Section 3. Notwithstanding any other provision of law, a |
| 51 | person who retires during the period July 1, 2005, through June |
| 52 | 30, 2006, upon attaining his or her normal retirement age, but |
| 53 | who does not meet the definition of "normal retirement age" |
| 54 | which was in effect on June 30, 2005, is not eligible to |
| 55 | participate in the Deferred Retirement Option Program |
| 56 | established in section 121.091(13), Florida Statutes. |
| 57 | Section 4. Section 121.185, Florida Statutes, is created |
| 58 | to read: |
| 59 | 121.185 Retirement annuities authorized for state |
| 60 | personnel.--The state may purchase annuities for all state |
| 61 | personnel with 25 or more years of creditable service who have |
| 62 | reached age 50 and have applied for retirement under the Florida |
| 63 | Retirement System. No such annuity shall provide for more than |
| 64 | the total difference in retirement income between the retirement |
| 65 | benefit based on average monthly compensation and creditable |
| 66 | service as of the member's early retirement date and the early |
| 67 | retirement benefit. The state may also purchase annuities for |
| 68 | members of the Florida Retirement System who have out-of-state |
| 69 | service in another state or country which it has documented as |
| 70 | valid. Such annuities may be based on no more than 5 years of |
| 71 | out-of-state service and may equal, but not exceed, the benefits |
| 72 | that would be payable under the Florida Retirement System if |
| 73 | credit for out-of-state service was authorized under that |
| 74 | system. The state may invest funds, purchase annuities, or |
| 75 | provide local supplemental retirement programs for purposes of |
| 76 | providing annuities for state personnel. All retirement |
| 77 | annuities shall comply with s. 14, Art. X of the State |
| 78 | Constitution. |
| 79 | Section 5. Except as otherwise provided herein, this act |
| 80 | shall take effect July 1, 2005. |