Bill Text: FL S1198 | 2014 | Regular Session | Comm Sub

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Bill Title: Florida Retirement System

Spectrum: Bipartisan Bill

Status: (Failed) 2014-05-02 - Died in Governmental Oversight and Accountability [S1198 Detail]

Download: Florida-2014-S1198-Comm_Sub.html

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       Florida Senate - 2014                             CS for SB 1198
       
       
        
       By the Committee on Community Affairs; and Senator Montford
       
       
       
       
       
       578-04046-14                                          20141198c1
    1                        A bill to be entitled                      
    2         An act relating to the Florida Retirement System;
    3         amending s. 121.1122, F.S.; revising criteria for
    4         employment eligible for purchase of retirement credit;
    5         providing an effective date.
    6          
    7  Be It Enacted by the Legislature of the State of Florida:
    8  
    9         Section 1. Subsection (1) of section 121.1122, Florida
   10  Statutes, is amended to read:
   11         121.1122 Purchase of retirement credit for in-state public
   12  service and in-state service in accredited nonpublic schools and
   13  colleges, including charter schools and charter technical career
   14  centers.—Effective January 1, 1998, a member of the Florida
   15  Retirement System may purchase creditable service for periods of
   16  certain public or nonpublic employment performed in this state,
   17  as provided in this section.
   18         (1) PURCHASE OF RETIREMENT CREDIT AUTHORIZED.—Subject to
   19  the provisions of subsections (2) and (3), a member of the
   20  Florida Retirement System may purchase up to 5 years of
   21  retirement credit for:
   22         (a) Periods of public employment in this state; or
   23         (b) Periods of employment in a charter school schools or
   24  charter technical career center centers or in a any nonpublic
   25  school or college in this state that is accredited by the
   26  Florida Association of Academic Nonpublic Schools and the
   27  National Council for Private School Accreditation Southern
   28  Association of Colleges and Schools.
   29  
   30  Credit for 1 year of such service may be purchased for each year
   31  of creditable service a member completes under the Florida
   32  Retirement System.
   33         Section 2. This act shall take effect July 1, 2014.