Florida Administrative Code › 60 - DEPARTMENT OF MANAGEMENT SERVICES › 60S - Division of Retirement › Chapter 60S-2 - CREDITABLE SERVICE › Section 60S-2.015 - Value of Each Year of Creditable Service

Current through Reg. 50, No. 138; July 16, 2024
(1) All creditable service earned and claimed
				under the State and County Officers and Employees Retirement System, the
				Judicial Retirement System, the Teachers' Retirement System, and the Highway
				Patrol Pension System, by a former member of one of those systems who becomes a
				member of the Florida Retirement System, shall be added to the creditable
				service the number earns under the Florida Retirement System and shall have the
				value authorized by the retirement system under which the creditable service
				was earned and claimed.
(2) Each
				complete year of creditable service earned and claimed under the Florida
				Retirement System shall have the percentage value indicated below, which shall
				represent the percentage of the member's average final compensation (AFC) that
				each complete year of creditable service having that same percentage value
				shall entitle him to receive under Option 1 upon his or her normal retirement:
(a) Each year of creditable service as a
				Regular Class member shall be worth:
1. For members initially enrolled in the FRS on or after July
				  1, 2011:
1. 63% of AFC when retiring at age 63
1. 65% of AFC when retiring at age 64
1. 68% of AFC when retiring at age 65 or over, not to exceed
				  1.68%;
OR
1. 60% of AFC when retiring with 30 years of creditable
				  service
1. 63% of AFC when retiring with 31 years of creditable
				  service
1. 65% of AFC when retiring with 32 years of creditable
				  service
1. 68% of AFC when retiring with 33 years of creditable
				  service or more, not to exceed 1.68%
2. For members initially enrolled in the FRS on or after July
				  1, 2011:
1. 60% of AFC when retiring at age 65
1. 63% of AFC when retiring at age 66
1. 65% of AFC when retiring at age 67
1. 68% of AFC when retiring at age 68 or over, not to exceed
				  1.68%;
OR
1. 60% of AFC when retiring with 33 years of creditable
				  service
1. 63% of AFC when retiring with 34 years of creditable
				  service
1. 65% of AFC when retiring with 35 years of creditable
				  service
1. 68% of AFC when retiring with 36 years of creditable
				  service or more, not to exceed 1.68%
(b) Each year of creditable service earned as
				a Special Risk Class member shall be worth:
2% of AFC for service from December 1, 1970 through September
				  30, 1974;
3% of AFC for service from October 1, 1974 through September
				  30, 1978;
2% of AFC for service from October 1, 1978 through December
				  31, 1988;
2. 2% of AFC for service from January 1, 1989 through
				  December 31, 1989;
2. 4% of AFC for service from January 1, 1990 through
				  December 31, 1990;
2. 6% of AFC for service from January 1, 1991 through
				  December 31, 1991;
2. 8% of AFC for service from January 1, 1992 through
				  December 31, 1992; and
3% of AFC for service on and after January 1, 1993.
Effective July 1, 2000, for members retiring after that date,
				  3% of AFC for service on and after October 1, 1978.
(c) Each year of creditable service as a
				Special Risk Administrative Support Class member shall be worth:
1. For members initially enrolled in the FRS
				before July 1, 2011:
When the member has satisfied the vesting requirements for
				  the Special Risk Class but has less than 25 years of creditable Special Risk
				  Administrative Support Class and Special Risk Class service, the Special Risk
				  Administrative Support Class service shall be worth:
1. 60% of AFC at age 55
1. 63% of AFC at age 56
1. 65% of AFC at age 57
1. 68% of AFC at age 58 or over, not to exceed 1.68%;
OR
When retiring with 25 or more years of creditable Special
				  Risk Administrative Support Class and Special Risk Class service that includes
				  credit for military service, the Special Risk Administrative Support Class
				  service shall be worth the greater of:
1. 60% of AFC with a minimum of 25 years of creditable
				  service at age 52 or older, or
1. 63% of AFC with a minimum of 26 years of creditable
				  service at age 53 or older, or
1. 65% of AFC with a minimum of 27 years of creditable
				  service at age 54 or older, or
1. 68% of AFC with a minimum of 28 years of creditable
				  service at age 55 or older, not to exceed 1.68%;
OR
When retiring with 25 or more years of creditable Special
				  Risk Administrative Support Class and Special Risk Class service, regardless of
				  age, the Special Risk Administrative Support Class service shall be
				  worth:
1. 60% of AFC with 25 years of creditable service
1. 63% of AFC with 26 years of creditable service
1. 65% of AFC with 27 years of creditable service
1. 68% of AFC with 28 or more years of creditable service,
				  not to exceed 1.68%
2. For
				members initially enrolled in the FRS on or after July 1, 2011:
When the member has satisfied the vesting requirements for
				  the Special Risk Class but has less than 30 years of creditable Special Risk
				  Administrative Support Class and Special Risk Class service, the Special Risk
				  Administrative Support Class service shall be worth:
1. 60% of AFC at age 60
1. 63% of AFC at age 61
1. 65% of AFC at age 62
1. 68% of AFC at age 63 or over, not to exceed 1.68%;
OR
When retiring with 30 or more years of creditable Special
				  Risk Administrative Support Class and Special Risk Class service that includes
				  credit for military service, the Special Risk Administrative Support Class
				  service shall be worth the greater of:
1. 60% of AFC with a minimum of 30 years of creditable
				  service at age 57 or older, or
1. 63% of AFC with a minimum of 31 years of creditable
				  service at age 58 or older, or
1. 65% of AFC with a minimum of 32 years of creditable
				  service at age 59 or older, or
1. 68% of AFC with a minimum of 33 years of creditable
				  service at age 60 or older, not to exceed 1.68%;
OR
When retiring with 30 or more years of creditable Special
				  Risk Administrative Support Class and Special Risk Class service, regardless of
				  age, the Special Risk Administrative Support Class service shall be
				  worth:
1. 60% of AFC with 30 years of creditable service
1. 63% of AFC with 31 years of creditable service
1. 65% of AFC with 32 years of creditable service
1. 68% of AFC with 33 or more years of creditable service,
				  not to exceed 1.68%
(d) Upon reaching normal retirement date,
				each year of creditable service as an elected state and county officer member
				shall be worth:
1. 3-1/3% of his or her AFC
				for all service in the Elected Officers' Class as a supreme court justice,
				district court of appeal judge, circuit court judge, or a county court
				judge;
2. 3-1/3% of his or her AFC
				for service for which additional credit is purchased pursuant to Rule
				 60S-2.013, F.A.C., and which was
				earned in one of the positions listed in paragraph
				 60S-2.013(1)(c),
				F.A.C.;
3. 3% of his or her AFC for
				any service in the Elected Officers' Class other than as a justice or judge, or
				for such service upgraded as provided in paragraphs
				 60S-2.013(1)(a) and
				(b), F.A.C.
(e) Each year of creditable service as a
				member of the Senior Management Service Class as provided in Rule
				 60S-1.0057, F.A.C., shall be
				worth: 2.00% of AFC for service on and after February 1, 1987 or the effective
				date of membership in the Senior Management Service Class, whichever is later,
				or for such service upgraded as provided in subsection
				 60S-2.013(2),
				F.A.C.