Today the Florida Senate returned a “Strike-All” Amendment to Senate Bill 1130 which is meant to reform the Florida Retirement System. The purpose of the “Strike-All” was to amend the language and stipulations of the original bill, filed by Senator Jeremy Ring. There were also 5 additional amendments proposed changing other aspects of the proposal.
- The biggest change, as we read it, would indicate the amended version will allow for up to 500 hours of accumulated leave payments to be used in the computation of the Average Final Compensation. (lines 208-248, and 274-308). And further appears that for service prior to July 1, 2011 overtime is included.
This seems to be a significant compromise to the original proposal, but excludes overtime after July 1. It does not mitigate the fact that overtime is time worked for compensation earned, and therefore, as compensation, should be used for the AFC calculation.
- Amendment 581812 to SB 1130 appears to stipulate that “employee retirement contributions for any member of the Regular Class or Special Risk Class may not exceed 2% of such member’s annual state compensation. This line amends and addends the language mandating employee contributions.
We see this as meaning the employee contributions cannot EXCEED 2% of compensation, and allows room that the contribution may be less.
- Amendment 641980 of SB 1130 looks to raise the vesting in the Pension Plan from 6 years to 8 years, but appears to allow for “grandfathering” in all those who would have been vested under the old law at as of July 1, 2011.
It would appear this is a compromise between the current 6 years, and Governor Scott’s proposal for 10 years for vesting.
The other pertinent points would remain basically the same as those originally proposed in Florida Senate Bill 1130, but the bill is still in the committee with no votes yet taken. We consider it a battle victory for members of the Florida Retirement System who have called and written their Senators and made their feelings know. Senator Ring acknowledged the high number of calls he and other legislators have received. The war is still on. Keep manning the phones!