Florida Senate - 2011                          SENATOR AMENDMENT
       Bill No. SB 2100
       
       
       
       
       
       
                                Barcode 382540                          
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
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               Floor: 21/AD/2R         .                                
             04/06/2011 07:10 PM       .                                
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       Senators Ring, Margolis, Rich, Braynon, Sobel, Smith, Siplin,
       Joyner, Montford, and Hill moved the following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Delete lines 4536 - 4560
    4  and insert:
    5  change. Beginning July 1, 2011, each employee, except those
    6  participating in the Deferred Retirement Option Program shall
    7  contribute the contributions required in subsection (3) to the
    8  plan. The employer shall deduct the contribution from the
    9  employee’s monthly salary and submit it to the division. The
   10  contributions shall be reported as employer-paid employee
   11  contributions, and shall be credited to the account of the
   12  employee. The contributions shall be deducted from the
   13  employee’s salary before the computation of applicable federal
   14  taxes and treated as employer contributions under 26 U.S.C.
   15  414(h)(2). Although designated as employee contributions, the
   16  employer specifies that the contributions are being paid by the
   17  employer in lieu of contributions by the employee. The employee
   18  does not have the option of choosing to receive the contributed
   19  amounts directly instead of having them paid to the plan. Such
   20  contributions are mandatory and each employee is deemed to have
   21  consented to the payroll deductions. Payment of an employee’s
   22  salary or wages, less the contribution, is a full and complete
   23  discharge and satisfaction of all claims and demands for the
   24  service rendered by employees during the period covered by the
   25  payment, except for claims to benefits to which they may be
   26  entitled under this chapter.
   27         (3) Effective July 1, 2011, the required employee
   28  retirement contribution rates for all members of the Florida
   29  Retirement System for both the pension and investment plans is 3
   30  percent of gross compensation. This subsection does not apply to
   31  members participating in the Deferred Retirement Option Program.
   32  
   33  ================= T I T L E  A M E N D M E N T ================
   34         And the title is amended as follows:
   35         Delete line 152
   36  and insert:
   37         for all members of the Florida Retirement System;
   38         providing an exception for participants in the
   39         Deferred Retirement Option Program;