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A bill to be entitled

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An act relating to the Florida Retirement System; amending

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s. 121.0515, F.S.; authorizing certain members to purchase

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additional retirement credit to upgrade prior service to

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Special Risk Class service; providing for the calculation

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of contributions for such service upgrade; authorizing the

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employer to purchase such additional credit for the

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member; increasing a contribution rate for purposes of

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funding certain benefit changes; directing the Division of

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Statutory Revision to adjust contribution rates set forth

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in s. 121.71, F.S.; providing a declaration of important

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state interest; providing an effective date.

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Be It Enacted by the Legislature of the State of Florida:

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     Section 1.  Paragraph (c) is added to subsection (9) of

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section 121.0515, Florida Statutes, to read:

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     121.0515  Special risk membership.--

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     (9)  CREDIT FOR UPGRADED SERVICE.--

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     (c) Any member of the Special Risk Class who has earned

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creditable service in another membership class of the Florida

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Retirement System as a medical examiner or as an employee of a

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law enforcement agency in a forensic discipline as described in

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paragraph (2)(h), which service is within the purview of the

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Special Risk Class, may purchase additional retirement credit to

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upgrade such service to Special Risk Class service, to the extent

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of the percentages of the member's average final compensation

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provided in s. 121.091(1)(a)2. Contributions for upgrading such

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service to Special Risk Class credit under this paragraph shall

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be equal to the difference in the contributions paid and the

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Special Risk Class contribution rate as a percentage of gross

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salary in effect for the period being claimed, plus interest

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thereon at the rate of 6.5 percent a year, compounded annually

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until the date of payment. This service credit may be purchased

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by the employer on behalf of the member.

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     Section 2. Effective July 1, 2008, in order to fund the

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benefits provided under section 1, the contribution rate that

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applies to the Special Risk Class of the Florida Retirement

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System shall be increased by 0.01 percentage points. This

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increase shall be in addition to all other changes to such

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contribution rates which may be enacted into law to take effect

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on that date. The Division of Statutory Revision is directed to

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adjust accordingly the contribution rates set forth in s. 121.71,

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Florida Statutes.

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     Section 3. The Legislature finds that a proper and

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legitimate state purpose is served when employees and retirees of

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the state and its political subdivisions, and the dependents,

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survivors, and beneficiaries of such employees and retirees, are

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extended additional protections afforded by governmental

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retirement systems. These persons must be provided benefits that

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are fair and adequate and that are managed, administered, and

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funded in a sound actuarial manner, as required by Section 14,

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Article X of the State Constitution and part VII of chapter 112,

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Florida Statutes. Therefore, the Legislature determines and

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declares that this act fulfills an important state interest.

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     Section 4.  This act shall take effect July 1, 2008.