Florida Statutes 121.30 – Statements of purpose and intent and other provisions required for qualification under the Internal Revenue Code of the United States
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Any other provisions in this chapter to the contrary notwithstanding, it is specifically provided that:
(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.
Terms Used In Florida Statutes 121.30
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- 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.
- Benefit: means any pension payment, lump-sum or periodic, to a member, retiree, or beneficiary, based partially or entirely on employer contributions or employee contributions, if applicable. See Florida Statutes 121.021
- Compensation: means the monthly salary paid a member by his or her employer for work performed arising from that employment. See Florida Statutes 121.021
- Department: means the Department of Management Services. See Florida Statutes 121.021
- Employer: means any agency, branch, department, institution, university, institution of higher education, or board of the state, or any county agency, branch, department, board, district school board, municipality, metropolitan planning organization, or special district of the state which participates in the system for the benefit of certain of its employees, or a charter school or charter technical career center that participates as provided in…. See Florida Statutes 121.021
- Member: means any officer or employee who is covered or who becomes covered under this system in accordance with this chapter. See Florida Statutes 121.021
- Pension: means monthly payments to a retiree derived as provided in this chapter. See Florida Statutes 121.021
- person: includes individuals, children, firms, associations, joint adventures, partnerships, estates, trusts, business trusts, syndicates, fiduciaries, corporations, and all other groups or combinations. See Florida Statutes 1.01
- Plan year: means the period of time beginning July 1 and ending on the following June 30, both dates inclusive, for all state-administered retirement systems. See Florida Statutes 121.021
- system: means the general retirement system established by this chapter, including, but not limited to, the defined benefit program administered under this part, referred to as the "Florida Retirement System Pension Plan" or "pension plan" and the defined contribution program administered under part II of this chapter, referred to as the "Florida Retirement System Investment Plan" or "investment plan. See Florida Statutes 121.021
(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.