60S-3.008. Retirement Contributions for Out-of-State and In-State Service Credit

(1) The required contributions for a member to claim out-of-state service credit as a seasonal state employee in accordance with subsection 60S-2.007(1), F.A.C., shall be the total contributions required under Rule 60S-3.003, F.A.C., for each month of service claimed, multiplied by the member’s monthly rate of compensation immediately prior to the commencement of the out-of-state service, plus interest from the fiscal year of the service claimed as provided in Rule 60S-3.0035, F.A.C.

(2) The required contributions for a member who is eligible to claim out-of-state service credit as a teacher in accordance with subsection 60S-2.007(2), F.A.C., shall be determined by the provisions of the Teachers’ Retirement System.

(3) The required contributions for a member who is eligible to claim credit for out-of-state public employment, federal employment including military service, or in-state non-FRS employment, as provided in subsection 60S-2.007(3), F.A.C., shall be 20 percent multiplied by the member’s salary for the first full work year of creditable service the member earned under the Florida Retirement System, or $12,000, whichever is greater; plus interest at 6.5 percent compounded annually from the first year creditable service is earned. The employer may pay all or a portion of the cost of this service credit.

Specific Authority 121.031 FS. Law Implemented 121.051(6), 121.1115, 121.1122, 122.07 FS. History–New 1-1-72, Amended 12-31-74, 7-1-79, Formerly 22B-3.08, Amended 5-15-91, Formerly 22B-3.008, Amended 4-5-95, 2-24-99, 8-13-03.