Florida Statutes 121.571 – Contributions
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Florida Statutes 121.571
- employee: means an eligible employee who enrolls in, or who defaults into, the investment plan as provided in subsection (4), a terminated Deferred Retirement Option Program member as described in subsection (21), or a beneficiary or alternate payee of a member or employee. See Florida Statutes 121.4501
- Employer: means an employer, as defined in…. See Florida Statutes 121.4501
- investment plan: means the defined contribution program established under this part. See Florida Statutes 121.4501
- 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
- Retiree: means a former member of the investment plan who has terminated employment and taken a distribution of vested employee or employer contributions as provided in…. See Florida Statutes 121.4501
- Social security coverage: means old-age, survivors, disability, and health insurance, as provided by the federal Social Security Act. 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
Contributions to the Florida Retirement System Investment Plan shall be made as follows:
(1) CONTRIBUTORY PLAN.–Each employer and employee shall submit contributions as required by s. 121.71.
(2) CONTRIBUTION RATES GENERALLY.–Contributions to fund the retirement, disability, and line-of-duty death benefits provided under this part must be based on the uniform contribution rates established by s. 121.71 and on the membership class or subclass of the member. Such contributions must be allocated as provided in ss. 121.72, 121.73, and 121.735.
(3) CONTRIBUTIONS FOR SOCIAL SECURITY COVERAGE AND FOR RETIREE HEALTH INSURANCE SUBSIDY.–Contributions required under s. 121.71 are in addition to employer and member contributions for social security and the Retiree Health Insurance Subsidy Trust Fund as required under ss. 112.363, 121.052, 121.055, and 121.071, as appropriate.