Item Q01
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BOARD OF COUNTY COMMISSIONERS
AGENDAITEMS~Y
Meeting Date: November 19,2003
Division:
District 1
Bulk Item: Yes
No
Department: Mayor Dixie M. Spehar
AGENDA ITEM WORDING:
Approval for Monroe County to pay to the Florida Retirement System the amount of $6, 107.27, which
is required for the director of Social Services, Louie LaTorre, Jr., to be eligible for retirement in
2/29/04.
ITEM BACKGROUND:
Mr. LaTorre worked as a State Employee from 9/71 to 6/74. The amount requested would purchase
2.83 years of refunded service, which would bring him to a full thirty (30) years of service, February.
2004. Under Florida Statute, Section 121.0181, it is permissible for the County to pay for the
contribution for past service with the State of Florida. It provides that a governing body of a covered
group (which includes the County) may elect to provide benefits with respect to past service earned
prior to January 1, 1975. That past service would have to be with the State of another agency, which is
and was a participant in the Florida Retirement System.
PREVIOUS RELEVANT BOCC ACTION:
CONTRACT/AGREEMENT CHANGES:
STAFF RECOMMENDATIONS:
TOTAL COST:
BUDGETED: Yes
No
COST TO COUNTY:
SOURCE OF FUNDS:
REVENUE PRODUCING: Yes
No
AMOUNT PER MONTH
Year
--
APPROVED BY: County Atty _ OMBlPurchasing _ Risk Management_
DMSION DIRECTOR APPROVAL:
I~ >-no ~.uJ
Mayor ixie M. Spehar
DOCUMENTATION:
Included X
To Follow
Not Required_
DISPOSITION:
AGENDA ITEM #
of"':" " ,
c-f,,"1
Revised 1/03
Florida Division of Retirement
Estimate of Retirement Benefit
(Estimate only, subject to final verification of all factors)
Estimate # 1
Member Information:
Retirement Date:
Birthdate:
Age @ Retirement:
0312004
Need Birthdate Verification:
Yes
56 Years 5 Months
Joint Annuitant Information:
Name
LATORRE, DONNA
Birth Da~ A2e @ Retirement
53 Years II Months
Need Birthdate
Verification
Yes
General Information:
Birthdate Verification: If "Yes" is noted, see the enclosed "Preparing to Retire" brochure. Verification for the joint
annuitant is needed only if you select option 3 or 4.
Normal Annual Benefit: Total Percentage x AFC.
Average Final Compensation (AFC): Average of the 5 (10 for TRS) highest fiscal years (July I _ June 30) of salary.
Option Selection: Please see the enclosed article, "What Retirement Option Should You Choose?"
Calculation Information:
For this estimate we are including the following years of service:
Plan Plan Description
HA FRS-REGULAR CLASS
Years
30.00
Value
1.6000
Percent
48.00
Totals
30.00
48.00
Comp Percent Used
Average Final Compensation (APC)
Normal Annual Benefit
48.00
77,621.96
37,258.54
Ootion Factor Monthlv Benefit. Survivor's Benefit
I 1.00000 3,104.88
2 0.97715 3,033.93
3 0.80765 2,507.66 2,507.66
4 0.88608 2,751.17 1,834. II
Amount Due: The amount due of $6,107.27 must be paid before you can receive the benefit shown. Annual interest at 6.5% is
added each June 30 to any unpaid balance. Make your check payable to the Florida Retirement System. Please write your social
security number on the check. You may rollover funds from a qualified plan (IRA, deferred compensation, etc.) to pay the
amount due. Form PRO-I, Pretax Direct Rollover Form, must be received with your payment, which can be obtained from our
office. Rollovers cannot be made for upgraded service.
Comments:
This estimate is based on a 1129/04 termination date with retirement effective 3/04. You will then have 30
years of service including the purchase 2.83 years of refunded service.