Fla. Admin. Code R. 60S-3.007

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

Section 60S-3.007 - Retirement Contributions for Leave of Absence Credit

The required contributions for any member who is eligible to claim creditable service for leaves of absence in accordance with Rule 60S-2.006, F.A.C., shall be determined as follows:

(1) Retirement contributions for leaves of absence credit are 8 percent for leaves of absence prior to January 1, 1975, 9 percent for leaves of absence from January 1, 1975 until June 30, 1980, and for leaves of absence after July 1, 1980 all leaves must be purchased at the combined rate of employee and employer contributions required for the class of membership under which the leave was granted. However, service credit purchased prior to July 1, 1980 for leave of absence in a class of membership other than the Regular Class of membership may be purchased by paying the appropriate additional contributions. The member shall receive creditable service for such leave in the membership class from which it was granted. The appropriate percentage is then multiplied by the number of months of the leave of absence multiplied by the rate of the member's monthly compensation in effect immediately prior to the commencement of the leave of absence, plus interest from the fiscal year of the leave of absence as provided in Rule 60S-3.0035, F.A.C.

(2) The required contributions to claim full retirement credit as allowed in subsection 60S-2.006(3), F.A.C., for a leave of absence during which the member received partial salary (which was paid from a salary fund and on which retirement contributions were paid) shall be determined as follows:

Contributions shall be charged for any portion of the leave of absence on which retirement contributions have not already been paid. The rate of contributions shall be 8 percent for leaves of absence prior to January 1, 1975, 9 percent for leaves of absence from January 1, 1975 until June 30, 1980 and for leaves of absence after July 1, 1980 all leaves must be purchased at the combined rate of employee and employer contributions required for the class of membership under which the leave was granted. However, service credit purchased prior to July 1, 1980 for a leave of absence in a class of membership other than the Regular Class membership, may be purchased by paying the appropriate additional contributions. The member shall receive creditable service for such leave in the membership class from which it was granted. The appropriate percentage is then multiplied by the number of months of the leave of absence, multiplied by the rate of monthly compensation in effect immediately prior to the commencement of the leave of absence. The amount of contributions already paid shall be subtracted from the total amount due and interest on the remaining amount due shall be charged from the fiscal year of the leave of absence as provided in Rule 60S-3.0035, F.A.C.

(3) If the rate of contributions changes during a member's leave, the member must purchase the remainder of the leave at the new contribution rate.

Fla. Admin. Code Ann. R. 60S-3.007

Rulemaking Authority 121.031 FS. Law Implemented 121.121(4) FS.

New 1-1-72, Amended 10-20-72, 12-31-74, 7-1-79, 8-26-81, Formerly 22B-3.07, Amended 2-7-89, Formerly 22B-3.007, Amended 4-5-12.