|
HB 885
Signed by Governor June 8, 1999; Chapter Law
99-291, Laws of Florida. Effective July 1, 1999:
Senior Management Service Class membership is mandatory for
judges of compensation claims within the Office of the Judges of Compensation
Claims, Department of Labor and Employment Security. Local agency employees who are members of the Senior Management Service Class may withdraw from the FRS
altogether. Also removes the requirement that they participate in a local
annuity plan.
CS/HB 1013
Signed by Governor June 18, 1999; Chapter Law 99-389, Laws of Florida. Effective July 1, 1999:
Creates the Florida Retirement System Preservation of Benefits
Plan to provide retirement benefits that would otherwise be limited by the
maximum benefit limitations of s. 415(b) of the Internal Revenue Code.
HB 1055
Signed by Governor March 25, 1999; Chapter Law
99-9, Laws of Florida. Effective June 29, 1999:
Changes "Elected State and County Officers Class" to "Elected
Officers Class" wherever the name appears in Section 121, Florida Statutes.
HB 1489
Signed by Governor June 8, 1999; Chapter Law
99-314, Laws of Florida. Effective July 1, 1999:
Creates the Florida Retirement System Preservation of Benefits
Plan Trust Fund to provide the retirement benefits created by CS/HB 1013 above
that would otherwise be limited by the maximum benefit limitations of s. 415(b)
of the Internal Revenue Code.
HB 1883
Signed by Governor June 18, 1999; Chapter Law
99-392, Laws of Florida. Effective upon becoming law, except for the
reenactment of 96-423 concerning blind vending operators which is retroactive to
June 7, 1996 and the addition of emergency medical technicians and paramedics to
the Special Risk Class which is effective October 1, 1999:
Provides for the review and comment of local retirement
systems actuarial valuations at least on a triennial basis. Allows a member of any public pension plan to receive benefits
based on the same service from more than one pension plan offered by the same
employer, while continuing to restrict a member from receiving benefits based on
the same service from "a different employer's retirement system or plan". Changes the term "30 calendar days" to "one calendar month" as
the time period for which a member is required to return to work after a
suspension of employment or a leave of absence in order to be eligible to claim
credit for the absence. Amends the definition of "creditable service" in section
121.021, F.S., to allow an employee of an FRS employer other than a school board
who provides services exclusively for a school board to earn service credit
based on a school term work year. This would give such an employee a full year
of service credit for working for the complete school year. Gives the Division general rulemaking authority to adopt rules
to implement the statutory provisions that confer duties upon the Division. - Creates the Florida Retirement System Actuarial Assumption
Conference to develop official information concerning assumptions and funding
methods of the FRS necessary to perform the actuarial valuation of the FRS. This
information should include an analysis of the actuarial assumptions and methods
and a determination of whether they should be changed due to experience changes
or revised future forecasts. The positions that are to be included as members of
the Conference are named.
Reenacts the provisions passed in Chapter 96-423, Laws of
Florida, that amended sections 121.051, and 413.051, F.S., pertaining to vending
facility operators. All blind or partially sighted persons employed or licensed
by the Division of Blind Services as vending facility operators on or after July
1, 1996 are considered independent contractors, and, therefore, not eligible for
FRS membership. Persons who were vending facility operators prior to July 1,
1996 had the option to withdraw or to remain in the FRS. Vending facility
operators who remain in the FRS are required to pay any unappropriated
retirement costs from their net profits or from program income. If sufficient
funds are not paid to cover the required contribution to the FRS, the vending
facility operator will become ineligible to participate in the FRS and no
service credit will be earned after that month. FRS retirement contribution rate
changes in sections 121.052, 121.055, 121.071, and 121.40, F.S., although
unrelated to blind vending facility operators, were also in Chapter 96-423, Laws
of Florida, and are also being reenacted in this bill. Reduces retirement
contribution rates effective July 1, 1999, based on the 1998 Actuarial
Valuation of the FRS. The unfunded actuarial liability will be eliminated and
rates for every membership class will be reduced, providing a statewide savings
to FRS employers of $1.17 billion for fiscal year 1999-2000. Corrects an error in language pertaining to the Senior
Management Service Optional Annuity Program and changes from $3,500 to $5,000
the maximum amount of a de minimis account which terminated SMSOAP participants
may receive as a cash-out, conforming the amount to federal law. Clarifies that, when applying for disability benefits, proof of
a members total and permanent disability must include documentation that the
members condition occurred while he or she was employed with a covered employer
and that the member was totally and permanently disabled at the time he or she
terminated covered employment. Proof must be provided that an in-line-of-duty
disability was caused by a job-related illness or accident during the members
employment. Amends the 1998 provision that allows a joint annuitant of a
member who dies before vesting to purchase up to one year of retirement credit
in order to vest the members benefit and become eligible to receive a
survivors benefit. Such joint annuitant can purchase additional credit to vest
either with the members accumulated annual leave or with the members eligible
out-of-state or in-state service. The joint annuitant would now be able to use a
combination of these two methods, rather than only one of the two as is
currently allowed, to purchase up to one year of additional service. The
amendment also clarifies that the cost to purchase such service will be the
contribution rate in effect for the period of time being claimed, plus 6.5%
interest, which is consistent with most other provisions that allow for the
purchase of retirement credit. Changes the age from "50" to "52" for which a Special Risk
Class member must elect to participate in the Deferred Retirement Option
Program. Changes an incorrect cite in s. 121.091(13) from "(c)4.d." to "(c)5.d." Makes a correction to a cite in s. 121.122(3)(b) from "121.055(1)(h)" to "121.055(1)(i)." Gives the State Retirement Commission general rulemaking
authority to adopt rules to implement the statutory provisions that confer
duties upon it. Changes from $3,500 to $5,000 the maximum amount of a de
minimis account which terminated ORP participants may receive as a cash-out,
conforming the amount to federal law. Amends section 121.40, F.S., pertaining to the Institute of
Food and Agricultural Sciences (IFAS) Supplemental Retirement Program at the
University of Florida. This amendment removes the FRS limitation on reemployment
after retirement for IFAS participants with the exception of employment at the
institute in a position as a cooperative extension employee, as provided in
121.40(4)(e). This section also reenacts the provisions in 121.40 pertaining to
contribution rates that were originally passed in Chapter 96-423, Laws of
Florida. Amends section 175.071 and 185.06, F.S., to permit investment
by the boards of trustees of non-FRS police and firefighter trust funds in
corporations listed on the National Market System of the Nasdaq Stock Market. Repeals section 121.027, F.S., created by chapter 97-180, Laws
of Florida, giving the division rulemaking authority for that act. Requires the Governor, Comptroller, and Treasurer, sitting as
the Board of Trustees of the State Board of Administration, to review the
actuarial valuation of the FRS and review the process by which FRS contribution
rates are determined and recommend and submit any comments regarding the process
to the Legislature. Adds state law enforcement officers to the group of employees
for whom any condition or impairment of health caused by tuberculosis, heart
disease, or hypertension resulting in total or partial disability or death shall
be presumed to have been accidental and to have been suffered in the line of
duty unless the contrary is shown by competent evidence. Adds emergency medical technicians and paramedics to the
Special Risk Class effective October 1, 1999. Requires the Senate Fiscal Policy Committee, the Senate
Governmental Oversight and Productivity Committee, the House Governmental
Operations Committee, and the House General Appropriations Committee to review
the current Florida Retirement System and make recommendations to the presiding
officers regarding the costs and benefits of alternative retirement plan options
on both the employers and employees, prior to February 1, 2000. Recommendations shall include a defined contribution
plan.
SB 150
Signed by Governor May 13, 1999; Chapter Law
99-155, Laws of Florida. Effective July 1, 2000:
All new recipients of retirement benefits will be paid by direct deposit of funds.
CS/CS/SB 1924
Signed by Governor June 8, 1999; Chapter Law
99-252, Laws of Florida. Effective July 1, 1999:
Expands positions eligible for participation in the State
University System Optional Retirement Program to include all administrative and
professional positions that are exempt from career service.
SB 2280
Signed by Governor June 8, 1999; Chapter Law
99-255, Laws of Florida. Effective July 1, 1999:
Transfers functions of the Division of Retirement to the
Department of Management Services. Allows an FRS member who serves as an elected mayor of a
consolidated local government which has chosen status as a municipality instead
of a county government to participate in the Elected Officers' Class of the FRS.
Any such former mayor or his employer may purchase credit for such service. Such
service may not also be used in a local retirement plan.
|
