60W-4.004. Supplemental Benefits Payable Upon Satisfaction of Eligibility Requirements

(1) The maximum monthly supplemental benefit for a participant shall be calculated as follows:

The Supplemental Benefit (SB) shall be the remainder of the sum of the Special Florida Retirement System Benefit (SFRS) plus the Special Social Security Benefit (SSS) minus the Special Civil Service Benefit (SCS).

SB = (SFRS + SSS) – SCS

where:

Special Civil Service Benefit (SCS) is –

The amount of a monthly federal Civil Service Retirement System annuity without a survivor benefit, based only on service after December 1, 1970 and calculated in accordance with the provisions of the federal Civil Service Retirement System. If the participant retires from the federal Civil Service Retirement System prior to attaining age 62, the percentage increase of any cost-of-living adjustments made to his or her Civil Service benefit between his or her retirement and the time he or she attains age 62 will be applied to the Special Civil Service benefit used to calculate the supplemental benefit.

Special Social Security Benefit (SSS) is –

An amount equal to the monthly Primary Insurance Amount that the participant would have been entitled to receive under Social Security, had he or she been covered for Social Security based only on service after December 1, 1970, and computed in accordance with provisions of the Social Security Act.

Special Florida Retirement System Benefit (SFRS) is –

The amount of a monthly option 1 retirement benefit that the participant would have been entitled to receive at his or her normal retirement age under the Florida Retirement System based only on service after December 1, 1970, and calculated as provided in paragraph 60S-4.004(1)(a), F.A.C.

(2) If there is a change in the participant’s final salary after the Institute’s earnings records are finalized, the amount of the supplemental benefit will be adjusted retroactively.

Rulemaking Authority 121.40(13) FS. Law Implemented 121.40(5) FS. History–New 2-4-86, Formerly 22Q-4.004.