Terms Used In Florida Statutes > Chapter 121 > Part III - Florida Retirement System Contribution Rates

• Administrator: means the secretary of the Department of Management Services. See Florida Statutes 121.021
• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Arrest: Taking physical custody of a person by lawful authority.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• 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
• Calendar month: means one of the 12 divisions of a year as determined by the Gregorian calendar (e. See Florida Statutes 121.021
• Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
• 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
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• Department: means the Department of Management Services. See Florida Statutes 121.021
• Division: means the Division of Retirement in the department. See Florida Statutes 121.021
• Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) ^{Source: OCC}
• 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
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Judgment creditor: means the holder of an unsatisfied judgment, order, or decree for the payment of money, including a transferee or a surety having the right to control and collect the judgment under…. See Florida Statutes 56.0101
• Judgment debtor: means each person who is liable on a judgment, an order, or a decree subject to execution under this chapter. See Florida Statutes 56.0101
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• 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
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgagee: The person to whom property is mortgaged and who has loaned the money.
• Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Pension: means monthly payments to a retiree derived as provided in this chapter. See Florida Statutes 121.021
• Person: means an individual, partnership, corporation, association, organization, government or governmental subdivision or agency, business trust, estate, trust, or any other legal or commercial entity. See Florida Statutes 56.0101
• Personal property: All property that is not real property.
• 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
• Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
• Retiree: means a former member of the Florida Retirement System or an existing system who has terminated employment and is receiving benefit payments from the system in which he or she was a member. See Florida Statutes 121.021
• State board: means the State Board of Administration. 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
• System Trust Fund: means the trust fund established in the State Treasury by this chapter for the purpose of holding and investing the contributions paid by members and employers and paying the benefits to which members or their beneficiaries may become entitled. See Florida Statutes 121.021
• Trustees: means the Board of Trustees of the State Board of Administration. See Florida Statutes 121.021