Florida Statutes
Part I - General Provisions (Ss. 121.011-121.40)
121.30 - Statements of purpose and intent and other provisions required for qualification under the Internal Revenue Code of the United States.


(1) The purpose of this chapter is to provide pension benefits for the exclusive benefit of the member employees or their beneficiaries.
(2) No part of the principal or income of the trust fund created hereunder shall be used or diverted for purposes other than for the exclusive benefit of the member employees or their beneficiaries and for the payment of administrative cost.
(3) Forfeitures, if any, shall not be applied to increase the benefits any member employee would otherwise receive under this chapter.
(4) Upon termination or partial termination, upon discontinuance of contributions, abandonment, or merger, or upon consolidation or amendment of this chapter, the rights of all affected employees to benefits accrued as of the date of any of the foregoing events, or the amounts credited to the account of any member employee, shall be and continue thereafter to be nonforfeitable except as otherwise provided by law.
(5) No benefit payable hereunder for any limitation year shall exceed the maximum amount, including cost-of-living adjustments, allowable by law for qualified pension plans under applicable provisions of the Internal Revenue Code of the United States. In the event of any participation of a Florida Retirement System member in any other plan that is maintained by the participating employer, benefits that accrue under the Florida Retirement System shall be considered primary for any aggregate limitation applicable under s. 415 of the Internal Revenue Code.

(6)(a) When computing benefits accrued or contributions to be made on behalf of any person who first becomes a member or participant on or after July 1, 1996, compensation taken into account for any plan year shall not include any amounts in excess of the s. 401(a)(17), Internal Revenue Code limitation (as amended by the Omnibus Budget Reconciliation Act of 1993), which limitation of $150,000 effective July 1996, shall be adjusted as required by federal law for qualified government plans and shall be further adjusted for changes in the cost of living in the manner provided by s. 401(a)(17)(B) of the Internal Revenue Code.
(b) When computing benefits accrued or contributions to be made on behalf of any person who first became a member or participant prior to July 1, 1996, compensation for all plan years beginning on or after July 1, 1990, shall not include any amounts in excess of the compensation limitation (originally $200,000) established by s. 401(a)(17) of the Internal Revenue Code prior to the Omnibus Budget Reconciliation Act of 1993, which limitation shall be adjusted for changes in the cost of living since 1989, in the manner provided by s. 401(a)(17) of the Internal Revenue Code of 1991. This limitation, which has been part of the Florida Retirement System since plan years beginning on or after July 1, 1990, shall be adjusted as required by federal law for qualified government plans.

(7) Any provision of this chapter relating to an optional annuity or retirement program must be construed and administered in such manner that such program will qualify as a qualified pension plan under applicable provisions of the Internal Revenue Code of the United States.
(8) The provisions of this section are declaratory of the legislative intent upon the original enactment of this chapter and are hereby deemed to have been in effect from such date.
(9) The department may adopt any rule necessary to accomplish the purpose of the section which is not inconsistent with this chapter.
History.—s. 1, ch. 78-108; s. 3, ch. 89-126; s. 11, ch. 96-368; s. 16, ch. 97-180; s. 11, ch. 98-413; s. 50, ch. 99-255.

Structure Florida Statutes

Florida Statutes

Title X - Public Officers, Employees, and Records

Chapter 121 - Florida Retirement System

Part I - General Provisions (Ss. 121.011-121.40)

121.011 - Florida Retirement System.

121.012 - Inclusive provisions.

121.021 - Definitions.

121.025 - Administrator; powers and duties.

121.031 - Administration of system; appropriation; oaths; actuarial studies; public records.

121.0312 - Review; actuarial valuation report; contribution rate determination process.

121.045 - Consolidation of liabilities and assets; existing systems.

121.046 - Merger of the Judicial Retirement System into the Florida Retirement System Act.

121.047 - Consolidation of liabilities and assets; Institute of Food and Agricultural Sciences Supplemental Retirement Program; restriction.

121.051 - Participation in the system.

121.0511 - Revocation of election and alternative plan.

121.0515 - Special Risk Class.

121.052 - Membership class of elected officers.

121.053 - Participation in the Elected Officers’ Class for retired members.

121.055 - Senior Management Service Class.

121.061 - Funding.

121.071 - Contributions.

121.081 - Past service; prior service; contributions.

121.085 - Creditable service.

121.091 - Benefits payable under the system.

121.095 - Florida Retirement System Preservation of Benefits Plan Trust Fund.

121.1001 - Florida Retirement System Preservation of Benefits Plan.

121.101 - Cost-of-living adjustment of benefits.

121.111 - Credit for military service.

121.1115 - Purchase of retirement credit for out-of-state or federal service.

121.1122 - Purchase of retirement credit for in-state public service and in-state service in accredited nonpublic schools and colleges, including charter schools and charter technical career centers.

121.121 - Authorized leaves of absence.

121.122 - Renewed membership in system.

121.125 - Credit for workers’ compensation payment periods.

121.131 - Benefits exempt from taxes and execution.

121.133 - Cancellation of uncashed warrants.

121.135 - Annual report to Legislature concerning state-administered retirement systems.

121.136 - Annual benefit statement to members.

121.141 - Appropriation.

121.151 - Investments.

121.161 - References to other laws include amendments.

121.181 - Effective date.

121.1815 - Special pensions to individuals; administration of laws by Department of Management Services.

121.182 - Retirement annuities authorized for city and county personnel.

121.1905 - Division of Retirement; creation.

121.191 - Special acts prohibited.

121.192 - State retirement actuary.

121.193 - External compliance audits.

121.22 - State Retirement Commission; creation; membership; compensation.

121.23 - Disability retirement and special risk membership applications; Retirement Commission; powers and duties; judicial review.

121.231 - Attorney’s fees and costs under s. 121.23(2)(a); funding.

121.24 - Conduct of commission business; legal and other assistance; compensation.

121.30 - Statements of purpose and intent and other provisions required for qualification under the Internal Revenue Code of the United States.

121.35 - Optional retirement program for the State University System.

121.355 - Community College Optional Retirement Program and State University System Optional Retirement Program member transfer.

121.40 - Cooperative extension personnel at the Institute of Food and Agricultural Sciences; supplemental retirement benefits.