Terms Used In Florida Statutes > Chapter 121 > Part II - Florida Retirement System Investment Plan

• 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.
• Agreement: means that certain agreement entered into October 23, 1951, between the State of Florida and the Federal Security Administrator. See Florida Statutes 121.021
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Amortization: Paying off a loan by regular installments.
• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• 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.
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• Average final compensation: means :
  1. See Florida Statutes 121.021
• Beneficiary: means the joint annuitant or any other person, organization, estate, or trust fund designated by the member to receive a retirement benefit, if any, which may be payable upon the member's death. See Florida Statutes 121.021
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• 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
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• 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.
• Covered employment: means employment in a regularly established position as defined in…. See Florida Statutes 121.4501
• Date of participation: means the date on which the officer or employee becomes a member. See Florida Statutes 121.021
• Department: means the Department of Management Services. See Florida Statutes 121.021
• Dependent: A person dependent for support upon another.
• Division: means the Division of Retirement in the department. See Florida Statutes 121.021
• Effective date of retirement: means the first day of the month in which benefit payments begin to accrue pursuant to…. See Florida Statutes 121.021
• Electronic means: means by telephone, if the required information is received on a recorded line, or through Internet access, if the required information is captured online. See Florida Statutes 121.4501
• Eligible employee: means an officer or employee, as defined in…. See Florida Statutes 121.4501
• 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
• employee contributions: means the sum of all amounts deducted from the salary of a member by his or her employer in accordance with…. See Florida Statutes 121.4501
• Employer: means an employer, as defined in…. See Florida Statutes 121.4501
• Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Fiduciary: A trustee, executor, or administrator.
• 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.
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• investment plan: means the defined contribution program established under this part. See Florida Statutes 121.4501
• 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
• minor: includes any person who has not attained the age of 18 years. See Florida Statutes 1.01
• Normal retirement date: means the date a member attains normal retirement age and is vested, which is determined as follows:
  (a) If a Regular Class member, a Senior Management Service Class member, or an Elected Officers' Class member initially enrolled:

  1. See Florida Statutes 121.021
• 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.
• Officer or employee: means any person receiving salary payments for work performed in a regularly established position and, if employed by a municipality, a metropolitan planning organization, or a special district, employed in a covered group. See Florida Statutes 121.021
• 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.
• Payee: means a retiree or beneficiary of a retiree who has received or is receiving a retirement benefit payment. See Florida Statutes 121.021
• Pension: means monthly payments to a retiree derived as provided in this chapter. See Florida Statutes 121.021
• pension plan: means the defined benefit program of the Florida Retirement System administered under part I of this chapter. See Florida Statutes 121.4501
• 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
• person: includes individuals, children, firms, associations, joint adventures, partnerships, estates, trusts, business trusts, syndicates, fiduciaries, corporations, and all other groups or combinations. See Florida Statutes 1.01
• Personal property: All property that is not real property.
• provider: means a private sector company that is selected and approved by the state board to offer one or more investment products or services to the investment plan. See Florida Statutes 121.4501
• Regularly established position: means :
  (a) With respect to a state employer, a position that is authorized and established pursuant to law and is compensated from a salaries and benefits appropriation pursuant to…. See Florida Statutes 121.021
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• 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
• Special Risk Class member: means a member of the Florida Retirement System who meets the eligibility and criteria required under…. See Florida Statutes 121.021
• State agency: means the Department of Management Services within the provisions and contemplation of chapter 650. 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
• Trustee: A person or institution holding and administering property in trust.
• Trustees: means the Board of Trustees of the State Board of Administration. See Florida Statutes 121.021
• Unit: means any department, division, or subdivision of a city or any classification of city employees approved for social security coverage, as such, by the United States Department of Health and Human Services, not based on age, sex, or other classification resulting in higher than average costs for retirement benefits. See Florida Statutes 121.021
• vesting: means the guarantee that a member is eligible to receive a retirement benefit upon completion of the required years of service under the investment plan. See Florida Statutes 121.4501
• Work year: means the period of time an employee is required to work during the plan year to receive a full year of retirement credit, as provided by rule. See Florida Statutes 121.021
• writing: includes handwriting, printing, typewriting, and all other methods and means of forming letters and characters upon paper, stone, wood, or other materials. See Florida Statutes 1.01