Current as of: Dec. 2011 Any person who is receiving monthly retirement benefits under the provisions of Chapters 121, 122, 123, 238 and Sections 112.05 and 321.15-.222, F.S., shall, if otherwise eligible, be entitled to receive the minimum monthly benefits provided herein. An eligible person whose monthly benefit, excluding the health insurance subsidy, is less than the applicable minimum monthly benefit described herein shall be entitled to have his or her monthly benefit increased to such minimum monthly amount effective the first day of the month following the month during which such person becomes eligible for the minimum monthly benefit. No present benefits shall be reduced by application of this rule. (1) The following persons are eligible for the minimum monthly benefits described in this section: (a) A retired person who has 10 or more years of creditable service and who is at least 65 years of age, except that any person whose retirement date is on or after July 1, 1987 must have retired on or after his or her normal retirement date, that is, the member must not have retired under the early retirement provisions of Rule 60S-4.005, F.A.C.; (b) The beneficiary of a deceased retired member who would be eligible under paragraph (a) if living, provided such beneficiary is eligible to receive a monthly retirement benefit; (c) The beneficiary of a deceased member (i.e., a member who dies prior to retirement) who would have been eligible under paragraph (a) if living, provided such beneficiary is eligible to receive a monthly retirement benefit. (2) The minimum monthly benefit shall be determined as follows: (a) Members eligible for minimum benefits under more than one provision of this section shall receive the greater benefit; and (b) The minimum monthly benefit of any member whose retirement date is on or after July 1, 1987 shall not exceed the member’s average monthly compensation; and (c) The applicable years of creditable service shall be: 1. The total number of years of creditable service accumulated by the member, if his or her retirement date is prior to July 1, 1987; or 2. Only the years of creditable service accumulated by the member through June 30, 1987, if his or her retirement date is on and after July 1, 1987. All creditable service claimed for periods which occurred prior to July 1, 1987, shall be presumed to have been accumulated as of June 30, 1987, irrespective of the date on which it is claimed and credited. (d) The amount of the minimum monthly benefit shall be calculated by using one of the following three minimum benefit formulas: 1. $10.50 Minimum Monthly Benefit – Effective July 1, 1980, any eligible person who is not entitled to a higher minimum monthly benefit under either 2. or 3. shall be entitled to a minimum monthly benefit equal to $10.50 multiplied by the member’s applicable years of creditable service. This benefit shall be adjusted by the appropriate factor or percentage prescribed for the optional form of retirement under which the benefit is paid to the retiree or beneficiary. The $10.50 factor used in this formula shall be recomputed annually each July 1, as provided in subsection (3). 2. $10.50 Minimum Monthly Benefit – Effective July 1, 1978, any eligible person who is receiving benefits based on retirement prior to July 1, 1978 under a retirement plan or system whose members were not required to participate in social security shall be entitled to a minimum monthly benefit equal to $10.50 multiplied by the member’s applicable years of creditable service. This benefit shall be adjusted by the appropriate actuarial factor or percentage prescribed by the optional form of retirement under which the benefit is paid to the retiree or beneficiary. This minimum monthly benefit shall not be available to any member who retires after June 30, 1978, nor to the beneficiary of such person. The $10.50 factor used in this formula shall be recomputed annually each July 1 as provided in subsection (3). The following retirement plans do not require participants to be covered for social security and, therefore, retirement under one of these plans serves to qualify a person for this minimum monthly benefit, provided other requirements are met: a. The Teachers’ Retirement System established by Chapter 238, F.S. b. Division A of the State and County Officers and Employees’ Retirement System established by Chapter 122, F.S., except for Metropolitan Dade County employees who retired under this plan on or after June 20, 1957. c. Division A of the Judicial Retirement System established by Chapter 123, F.S. d. The Highway Patrol Pension Trust Fund established by Sections 321.15-.222, F.S. e. The State Officers and Employees Noncontributory Retirement Plan established by Section 112.05, F.S. 3. $16.50 Minimum Monthly Benefit – Effective July 1, 1980, any eligible person who is not receiving nor entitled to receive federal Social Security benefits from any source shall be entitled to a minimum monthly benefit equal to $16.50 multiplied by the member’s applicable years of creditable service. This benefit shall be adjusted by the actuarial factor or percentage prescribed for the optional form of retirement under which the benefit is paid to the retiree or beneficiary. The $16.50 factor used in this formula shall be recomputed annually each July 1 as provided in subsection (3). Qualification for this minimum monthly benefit shall include: a. Certification by the eligible person that he or she is not receiving nor is he or she entitled to receive federal Social Security benefits from any source; and b. Written authorization by the eligible person for the Division of Retirement to have access to information from the Federal Social Security Administration concerning such person’s entitlement to Social Security benefits. (3) The dollar factors used in determining the minimum benefits provided by this section shall be adjusted each July 1. This adjustment shall be an amount derived by multiplying the current dollar factor by 3 percent. Rulemaking Authority 121.031 FS. Law Implemented 112.362 FS. History–New 7-1-79, Amended 8-26-81, Formerly 22B-4.025, Amended 2-4-86, 3-11-87, 5-18-88, 2-7-89, Formerly 22B-4.0025, Amended 8-13-03. Laws implemented by this Rule: Florida Statutes § 112.362 ________________________________________________________________________
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