Fla. Admin. Code Ann. R. 60S-3.008 - Retirement Contributions for Out-of-State and In-State Service Credit
(1) The required contributions for a member
to claim out-of-state service credit as a seasonal state employee in accordance
with subsection 60S-2.007(1),
F.A.C., shall be the total contributions required under Rule
60S-3.003, F.A.C., for each
month of service claimed, multiplied by the member's monthly rate of
compensation immediately prior to the commencement of the out-of-state service,
plus interest from the fiscal year of the service claimed as provided in Rule
60S-3.0035, F.A.C.
(2) The required contributions for a member
who is eligible to claim out-of-state service credit as a teacher in accordance
with subsection 60S-2.007(2),
F.A.C., shall be determined by the provisions of the Teachers' Retirement
System.
(3) The required
contributions for a member who is eligible to claim credit for out-of-state
public employment, federal employment including military service, or in-state
non-FRS employment, as provided in subsection
60S-2.007(3),
F.A.C., shall be 20 percent multiplied by the member's salary for the first
full work year of creditable service the member earned under the Florida
Retirement System, or $12, 000, whichever is greater; plus interest at 6.5
percent compounded annually from the first year creditable service is earned.
The employer may pay all or a portion of the cost of this service
credit.
Notes
Specific Authority 121.031 FS. Law Implemented 121.051(6), 121.1115, 121.1122, 122.07 FS.
New 1-1-72, Amended 12-31-74, 7-1-79, Formerly 22B-3.08, Amended 5-15-91, Formerly 22B-3.008, Amended 4-5-95, 2-24-99, 8-13-03.
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