| 1 | A bill to be entitled |
| 2 | An act relating to the retiree health insurance subsidy; |
| 3 | amending s. 112.363, F.S.; providing a definition; |
| 4 | revising provisions for determination of the amount of the |
| 5 | subsidy for retirees of the defined benefit program of the |
| 6 | Florida Retirement System or their beneficiaries; |
| 7 | providing an effective date. |
| 8 |
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| 9 | Be It Enacted by the Legislature of the State of Florida: |
| 10 |
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| 11 | Section 1. Paragraph (b) of subsection (2) of section |
| 12 | 112.363, Florida Statutes, is amended, and paragraph (f) is |
| 13 | added to subsection (3) of said section, to read: |
| 14 | 112.363 Retiree health insurance subsidy.-- |
| 15 | (2) ELIGIBILITY FOR RETIREE HEALTH INSURANCE SUBSIDY.-- |
| 16 | (b) For purposes of this section, a person is deemed |
| 17 | retired from a state-administered retirement system when he or |
| 18 | she terminates employment with all employers participating in |
| 19 | the Florida Retirement System as described in s. 121.021(39) |
| 20 | and: |
| 21 | 1. For a participant of the Public Employee Optional |
| 22 | Retirement Program established under part II of chapter 121, the |
| 23 | participant meets the age or service requirements to qualify for |
| 24 | normal retirement as set forth in s. 121.021(29). |
| 25 | 2. For a member of the Florida Retirement System defined |
| 26 | benefit program, or any employee who maintains creditable |
| 27 | service under both the defined benefit program and the Public |
| 28 | Employee Optional Retirement Program, the member begins drawing |
| 29 | retirement benefits from the defined benefit program of the |
| 30 | Florida Retirement System. As used in this subparagraph, the |
| 31 | term "the member begins drawing retirement benefits" means the |
| 32 | retired member has received his or her monthly retirement |
| 33 | benefit at a place of his or her choosing. |
| 34 | (3) RETIREE HEALTH INSURANCE SUBSIDY AMOUNT.-- |
| 35 | (f) Beginning July 1, 2005, each eligible retiree of the |
| 36 | defined benefit program of the Florida Retirement System, or, if |
| 37 | the retiree is deceased, his or her beneficiary who is receiving |
| 38 | a monthly benefit from such retiree's account and who is a |
| 39 | spouse, or a person who meets the definition of joint annuitant |
| 40 | in s. 121.021(28), shall receive a monthly retiree health |
| 41 | insurance subsidy payment equal to the number of years of |
| 42 | creditable service, as defined in s. 121.021(17), completed at |
| 43 | the time of retirement, in addition to a maximum of 60 months, |
| 44 | or if otherwise eligible under s. 121.091(13)(b)1., a maximum of |
| 45 | 96 months, for which the retiree participated in the Deferred |
| 46 | Retirement Option Program, multiplied by $5; however, no |
| 47 | eligible retiree or such beneficiary may receive a subsidy |
| 48 | payment of more than $150 or less than $30. If there are |
| 49 | multiple beneficiaries, the total payment must not be greater |
| 50 | than the payment to which the retiree was entitled. The health |
| 51 | insurance subsidy amount payable to any person receiving the |
| 52 | retiree health insurance subsidy payment on July 1, 2005, shall |
| 53 | not be reduced solely by operation of this paragraph. |
| 54 | Section 2. This act shall take effect July 1, 2005. |