Bill > S1692

This bill, concerning the Florida Retirement System (FRS), allows certain retirees who are re-employed to rejoin the system, specifically those who retired before July 1, 2010, and are re-employed on or after January 1, 2015, in positions eligible for the Elected Officers' Class or the Senior Management Service Optional Annuity Program (SMOAP). It also mandates that retirees of the investment plan, State University System Optional Retirement Program (SUSORP), SMOAP, or State Community College System Optional Retirement Program (SCCSORP) who retired before July 1, 2010, and are re-employed on or after January 1, 2015, must become renewed members of the investment plan, unless they are employed in positions specifically eligible for SUSORP or SCCSORP. The bill clarifies that for re-employment between July 1, 2010, and December 31, 2014, no new service credit or contributions were allowed for these retirees, but contributions and service credit will be permitted for re-employment on or after January 1, 2015, under specific conditions. Additionally, it redefines "eligible employee" within the FRS Investment Plan to include these re-employed retirees who retired before July 1, 2010, and are re-employed on or after January 1, 2015. The bill also includes a legislative finding that these changes serve a proper and legitimate state purpose by ensuring fair and adequate benefits managed in an actuarially sound manner, as required by the Florida Constitution.