Florida Regulations 60V-1.002: Statements of Policy
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(1) Participation in the Optional Annuity Program shall not give any participant the right to be retained in the employ of an employer.
(2) Any employee who is eligible for and elects to participate in the Optional Annuity Program shall cease to participate as a member of the Florida Retirement System or any other state-administered retirement system on the date preceding the effective date of participation in the Optional Annuity Program, and service performed while a participant in the Optional Annuity Program shall not be creditable service under any other such system.
Specific Authority 121.031(1) FS. Law Implemented Florida Statutes § 121.055. History-New 7-22-87, Amended 11-14-91, Formerly 22V-1.002.
Terms Used In Florida Regulations 60V-1.002
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
Specific Authority 121.031(1) FS. Law Implemented Florida Statutes § 121.055. History-New 7-22-87, Amended 11-14-91, Formerly 22V-1.002.