| 1 | A bill to be entitled |
| 2 | An act relating to Florida Retirement System benefits; |
| 3 | amending s. 121.182, F.S.; authorizing municipalities to |
| 4 | purchase annuities for municipal personnel in the same |
| 5 | manner as counties may for county personnel; providing an |
| 6 | effective date. |
| 7 |
|
| 8 | Be It Enacted by the Legislature of the State of Florida: |
| 9 |
|
| 10 | Section 1. Section 121.182, Florida Statutes, is amended |
| 11 | to read: |
| 12 | 121.182 Retirement annuities authorized for city and |
| 13 | county personnel.--Cities and counties are authorized to |
| 14 | purchase annuities for all city and county personnel with 25 or |
| 15 | more years of creditable service who have reached age 50 and |
| 16 | have applied for retirement under the Florida Retirement System. |
| 17 | No such annuity shall provide for more than the total difference |
| 18 | in retirement income between the retirement benefit based on |
| 19 | average monthly compensation and creditable service as of the |
| 20 | member's early retirement date and the early retirement benefit. |
| 21 | Cities and counties may also purchase annuities for members of |
| 22 | the Florida Retirement System who have out-of-state service in |
| 23 | another state or country which is documented as valid by the |
| 24 | appropriate city or county. Such annuities may be based on no |
| 25 | more than 5 years of out-of-state service and may equal, but not |
| 26 | exceed, the benefits that would be payable under the Florida |
| 27 | Retirement System if credit for out-of-state service was |
| 28 | authorized under that system. Cities and counties are authorized |
| 29 | to invest funds, purchase annuities, or provide local |
| 30 | supplemental retirement programs for purposes of providing |
| 31 | annuities for city or county personnel. All retirement annuities |
| 32 | shall comply with s. 14, Art. X of the State Constitution. |
| 33 | Section 2. This act shall take effect October 1, 2005. |