Florida Statutes
Part I - General Provisions (Ss. 121.011-121.40)
121.355 - Community College Optional Retirement Program and State University System Optional Retirement Program member transfer.


(1) The cost for such credit must represent the actuarial accrued liability for the affected period of service. The cost shall be calculated using the discount rate and other relevant actuarial assumptions that were used to value the Florida Retirement System Pension Plan liabilities in the most recent actuarial valuation. The calculation must include any service already maintained under the pension plan in addition to the years under the Community College Optional Retirement Program or the State University System Optional Retirement Program. The actuarial accrued liability of any service already maintained under the pension plan shall be applied as a credit to total cost resulting from the calculation. The division shall ensure that the transfer sum is prepared using a formula and methodology certified by an enrolled actuary.
(2) The employee must transfer from his or her Community College Optional Retirement Program account or State University System Optional Retirement Program account, subject to the terms of the applicable optional retirement program contract, and from other employee moneys as necessary, a sum representing the actuarial accrued liability immediately following the time of such movement, determined assuming that attained service equals the sum of service in the pension plan and service in the Community College Optional Retirement Program or State University System Optional Retirement Program.
(3) The employee may not receive service credit for a period of mandatory participation in the State University Optional Retirement Program or for a period for which a distribution was received from the Community College Optional Retirement Program or State University System Optional Retirement Program.
History.—s. 6, ch. 2008-139; s. 25, ch. 2011-68.

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.