Fla. Admin. Code R. 60S-2.015

Current through Reg. 50, No. 119; June 18, 2024

Section 60S-2.015 - Value of Each Year of Creditable Service

(1) All creditable service earned and claimed under the State and County Officers and Employees Retirement System, the Judicial Retirement System, the Teachers' Retirement System, and the Highway Patrol Pension System, by a former member of one of those systems who becomes a member of the Florida Retirement System, shall be added to the creditable service the number earns under the Florida Retirement System and shall have the value authorized by the retirement system under which the creditable service was earned and claimed.

(2) Each complete year of creditable service earned and claimed under the Florida Retirement System shall have the percentage value indicated below, which shall represent the percentage of the member's average final compensation (AFC) that each complete year of creditable service having that same percentage value shall entitle him to receive under Option 1 upon his or her normal retirement:

(a) Each year of creditable service as a Regular Class member shall be worth:

1. For members initially enrolled in the FRS on or after July 1, 2011:

1. 63% of AFC when retiring at age 63

1. 65% of AFC when retiring at age 64

1. 68% of AFC when retiring at age 65 or over, not to exceed 1.68%;

OR

1. 60% of AFC when retiring with 30 years of creditable service

1. 63% of AFC when retiring with 31 years of creditable service

1. 65% of AFC when retiring with 32 years of creditable service

1. 68% of AFC when retiring with 33 years of creditable service or more, not to exceed 1.68%

2. For members initially enrolled in the FRS on or after July 1, 2011:

1. 60% of AFC when retiring at age 65

1. 63% of AFC when retiring at age 66

1. 65% of AFC when retiring at age 67

1. 68% of AFC when retiring at age 68 or over, not to exceed 1.68%;

OR

1. 60% of AFC when retiring with 33 years of creditable service

1. 63% of AFC when retiring with 34 years of creditable service

1. 65% of AFC when retiring with 35 years of creditable service

1. 68% of AFC when retiring with 36 years of creditable service or more, not to exceed 1.68%

(b) Each year of creditable service earned as a Special Risk Class member shall be worth:

2% of AFC for service from December 1, 1970 through September 30, 1974;

3% of AFC for service from October 1, 1974 through September 30, 1978;

2% of AFC for service from October 1, 1978 through December 31, 1988;

2. 2% of AFC for service from January 1, 1989 through December 31, 1989;

2. 4% of AFC for service from January 1, 1990 through December 31, 1990;

2. 6% of AFC for service from January 1, 1991 through December 31, 1991;

2. 8% of AFC for service from January 1, 1992 through December 31, 1992; and

3% of AFC for service on and after January 1, 1993.

Effective July 1, 2000, for members retiring after that date, 3% of AFC for service on and after October 1, 1978.

(c) Each year of creditable service as a Special Risk Administrative Support Class member shall be worth:

1. For members initially enrolled in the FRS before July 1, 2011:

When the member has satisfied the vesting requirements for the Special Risk Class but has less than 25 years of creditable Special Risk Administrative Support Class and Special Risk Class service, the Special Risk Administrative Support Class service shall be worth:

1. 60% of AFC at age 55

1. 63% of AFC at age 56

1. 65% of AFC at age 57

1. 68% of AFC at age 58 or over, not to exceed 1.68%;

OR

When retiring with 25 or more years of creditable Special Risk Administrative Support Class and Special Risk Class service that includes credit for military service, the Special Risk Administrative Support Class service shall be worth the greater of:

1. 60% of AFC with a minimum of 25 years of creditable service at age 52 or older, or

1. 63% of AFC with a minimum of 26 years of creditable service at age 53 or older, or

1. 65% of AFC with a minimum of 27 years of creditable service at age 54 or older, or

1. 68% of AFC with a minimum of 28 years of creditable service at age 55 or older, not to exceed 1.68%;

OR

When retiring with 25 or more years of creditable Special Risk Administrative Support Class and Special Risk Class service, regardless of age, the Special Risk Administrative Support Class service shall be worth:

1. 60% of AFC with 25 years of creditable service

1. 63% of AFC with 26 years of creditable service

1. 65% of AFC with 27 years of creditable service

1. 68% of AFC with 28 or more years of creditable service, not to exceed 1.68%

2. For members initially enrolled in the FRS on or after July 1, 2011:

When the member has satisfied the vesting requirements for the Special Risk Class but has less than 30 years of creditable Special Risk Administrative Support Class and Special Risk Class service, the Special Risk Administrative Support Class service shall be worth:

1. 60% of AFC at age 60

1. 63% of AFC at age 61

1. 65% of AFC at age 62

1. 68% of AFC at age 63 or over, not to exceed 1.68%;

OR

When retiring with 30 or more years of creditable Special Risk Administrative Support Class and Special Risk Class service that includes credit for military service, the Special Risk Administrative Support Class service shall be worth the greater of:

1. 60% of AFC with a minimum of 30 years of creditable service at age 57 or older, or

1. 63% of AFC with a minimum of 31 years of creditable service at age 58 or older, or

1. 65% of AFC with a minimum of 32 years of creditable service at age 59 or older, or

1. 68% of AFC with a minimum of 33 years of creditable service at age 60 or older, not to exceed 1.68%;

OR

When retiring with 30 or more years of creditable Special Risk Administrative Support Class and Special Risk Class service, regardless of age, the Special Risk Administrative Support Class service shall be worth:

1. 60% of AFC with 30 years of creditable service

1. 63% of AFC with 31 years of creditable service

1. 65% of AFC with 32 years of creditable service

1. 68% of AFC with 33 or more years of creditable service, not to exceed 1.68%

(d) Upon reaching normal retirement date, each year of creditable service as an elected state and county officer member shall be worth:

1. 3-1/3% of his or her AFC for all service in the Elected Officers' Class as a supreme court justice, district court of appeal judge, circuit court judge, or a county court judge;

2. 3-1/3% of his or her AFC for service for which additional credit is purchased pursuant to Rule 60S-2.013, F.A.C., and which was earned in one of the positions listed in paragraph 60S-2.013(1)(c), F.A.C.;

3. 3% of his or her AFC for any service in the Elected Officers' Class other than as a justice or judge, or for such service upgraded as provided in paragraphs 60S-2.013(1)(a) and (b), F.A.C.

(e) Each year of creditable service as a member of the Senior Management Service Class as provided in Rule 60S-1.0057, F.A.C., shall be worth: 2.00% of AFC for service on and after February 1, 1987 or the effective date of membership in the Senior Management Service Class, whichever is later, or for such service upgraded as provided in subsection 60S-2.013(2), F.A.C.

Fla. Admin. Code Ann. R. 60S-2.015

Rulemaking Authority 121.031 FS. Law Implemented 121.091(1), 121.021, 121.052(10), 121.055 FS.

New 10-20-72, Amended 12-31-74, 7-21-75, 7-1-79, 1-18-83, 5-11-83, 2-6-84, 4-17-85, Formerly 22B-2.15, Amended 1-12-87, 2-7-89, 9-5-90, 5-15-91, Formerly 22B-2.015, Amended 1-25-94, 4-5-95, 8-13-03, 4-5-12, 3-25-13.

New 10-20-72, Amended 12-31-74, 7-21-75, 7-1-79, 1-18-83, 5-11-83, 2-6-84, 4-17-85, Formerly 22B-2.15, Amended 1-12-87, 2-7-89, 9-5-90, 5-15-91, Formerly 22B-2.015, Amended 1-25-94, 4-5-95, 8-13-03, 4-5-12, 3-25-13.