121.70 – Legislative purpose and intent.
121.70 Legislative purpose and intent.— (1) This part provides for a uniform system for funding benefits provided under the Florida Retirement System Pension Plan established under part I of this chapter (referred to in this part as the pension plan) and under the Florida Retirement System Investment Plan established under part II of this chapter (referred to […]
121.71 – Uniform rates; process; calculations; levy.
121.71 Uniform rates; process; calculations; levy.— (1) In conducting the system actuarial study required under s. 121.031, the actuary shall follow all requirements specified to determine, by Florida Retirement System employee membership class, the dollar contribution amounts necessary for the next fiscal year for the pension plan. In addition, the actuary shall determine, by Florida Retirement System […]
121.72 – Allocations to investment plan member accounts; percentage amounts.
121.72 Allocations to investment plan member accounts; percentage amounts.— (1) The allocations established in subsection (4) shall fund retirement benefits under the investment plan and shall be transferred monthly by the Division of Retirement from the Florida Retirement System Contributions Clearing Trust Fund to the third-party administrator for deposit in each participating employee’s individual account based on […]
121.73 – Allocations for member disability coverage; percentage amounts.
121.73 Allocations for member disability coverage; percentage amounts.— (1) The allocations established in subsection (3) shall be used to provide disability coverage for members in the investment plan and shall be transferred monthly by the Division of Retirement from the Florida Retirement System Contributions Clearing Trust Fund to the disability account of the Florida Retirement System Trust […]
121.24 – Conduct of commission business; legal and other assistance; compensation.
121.24 Conduct of commission business; legal and other assistance; compensation.— (1) The commission shall conduct its business within the following guidelines: (a) For purposes of hearing appeals under s. 121.23, the commission may meet in panels of no fewer than three members. A quorum shall consist of three members. The concurring vote of a majority of the members […]
121.735 – Allocations for member line-of-duty death benefits; percentage amounts.
121.735 Allocations for member line-of-duty death benefits; percentage amounts.— (1) The allocations established in subsection (3) shall be used to provide line-of-duty death benefit coverage for members in the investment plan and shall be transferred monthly by the division from the Florida Retirement System Contributions Clearing Trust Fund to the survivor benefit account of the Florida Retirement […]
121.30 – Statements of purpose and intent and other provisions required for qualification under the Internal Revenue Code of the United States.
121.30 Statements of purpose and intent and other provisions required for qualification under the Internal Revenue Code of the United States.—Any other provisions in this chapter to the contrary notwithstanding, it is specifically provided that: (1) The purpose of this chapter is to provide pension benefits for the exclusive benefit of the member employees or their beneficiaries. […]
121.74 – Administrative and educational expenses.
121.74 Administrative and educational expenses.—In addition to contributions required to fund member accounts under s. 121.71, effective July 1, 2010, through June 30, 2014, employers participating in the Florida Retirement System shall contribute an employer assessment amount equal to 0.03 percent of the payroll reported for each class or subclass of Florida Retirement System membership. Effective […]
121.35 – Optional retirement program for the State University System.
121.35 Optional retirement program for the State University System.— (1) OPTIONAL RETIREMENT PROGRAM ESTABLISHED.—The Department of Management Services shall establish an optional retirement program under which contracts providing retirement and death benefits may be purchased for eligible members of the State University System who elect to participate in the program. The benefits to be provided for or […]
121.75 – Allocation for pension plan.
121.75 Allocation for pension plan.—After making the transfers required pursuant to ss. 121.71, 121.72, 121.73, 121.735, and 121.74, the monthly balance of funds in the Florida Retirement System Contributions Clearing Trust Fund shall be transferred to the Florida Retirement System Trust Fund to pay the costs of providing pension plan benefits and plan administrative costs under […]