Florida S1528 establishes a process for employees in the Florida Retirement System to transfer years of creditable service to another employee.

Florida S1528 creates a process for employees in the Florida Retirement System to transfer years of creditable service to another employee. The Department of Management Services must adopt rules to establish this process. Eligibility requires one year of employment, voluntary participation, and both employees must be in the same retirement classification. Transferred years are removed from the transferring employee and are irrevocable. The receiving employee is liable for any unfunded actuarial liability and cannot claim past service or reenroll in the system.

Florida S1528 establishes a process for employees in the Florida Retirement System to transfer years of creditable service to another employee.

Florida S1528 creates a process for employees in the Florida Retirement System to transfer years of creditable service to another employee. The Department of Management Services must adopt rules to establish this process. Eligibility requires one year of employment, voluntary participation, and both employees must be in the same retirement classification. Transferred years are removed from the transferring employee and are irrevocable. The receiving employee is liable for any unfunded actuarial liability and cannot claim past service or reenroll in the system.