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FL S0198
Bill
AI Summary
- Increases the maximum retirement credit for past service that Special Risk Class members may purchase from 2 percent to 3 percent of average monthly compensation
- For the first 2 percent of average monthly compensation, contributions equal the difference in prior payments plus special risk percentage rate with interest at 4 percent annually until July 1, 1975, then 6.5 percent annually thereafter
- For credit upgrades between 2 percent and 3 percent, contributions are calculated by a department-designated actuary using Florida Retirement System actuarial assumptions and discount rates
- Employers must pay $400 per calculation or all costs of an actuarial study to determine contributions, whichever is higher, regardless of whether the credit is ultimately purchased
- Extends Special Risk Class past service credit eligibility to emergency medical technicians and paramedics employed by licensed advanced life support or basic life support providers
- Contributions for all past service credit must be paid immediately upon notification by the Division of Retirement, by either the member or employer on behalf of the member
- Effective July 1, 2010
Legislative Description
Retirement/Special Risk Class [WPSC]
Last Action
In Messages; Died in Messages
4/30/2010
Committee Referrals
Policy & Steering Committee on Ways and Means4/21/2010
Governmental Oversight and Accountability4/7/2010
Community Affairs12/9/2009
Full Bill Text
No bill text available