Florida § 112.355 - Supplement amount.

§ 112.355. Supplement amount.

(1) The supplement amount shall be calculated in the following manner, based on the retired member’s social security benefit and the table of values below: TABLE OF VALUES Base Year I II III IV Prior to 1951 $57.00 $34.00 $58.00 $102.00 1951-1952 33.00 24.00 69.00 113.00 1953-1954 28.00 19.00 69.00 113.00 1955-1958 16.00 14.00 81.00 125.00 1959-1965 9.00 4.00 92.00 136.00 (2) The supplement amount for a retired member whose social security benefit is less than $44 shall be equal to (a) minus the product of (b) and (c) where: (a) Is the value shown in column I of the table of values for the retired member’s base year, (b) Is the value shown in column II of the table of values for the retired member’s base year, and (c) Is the retired member’s social security benefit divided by $44, subject to the provisions of subsection (4). (3) The supplement amount for a retired member whose social security benefit is $44 or more shall be equal to the product of paragraphs (a) and (b) of this subsection where: (a) Is the difference between the value shown in column I and column II of the table of values for the retired member’s base year, and (b) Is the value shown in column IV of the table of values for the retired member’s base year minus the retired member’s social security benefit, such difference divided by the value shown in column III of the table of values. In no event shall (b), as calculated in the previous sentence, be less than zero; subject to the provisions of subsection (4). (4) The supplement amount for any retired member of, if applicable, a joint annuitant, who is receiving a retirement benefit of lesser amount than the normal retirement benefit to which the retired member was entitled at time of retirement because of early retirement or election of an optional form of payment, shall be reduced to an amount equal to the product of paragraphs (a) and (b) of this subsection where: (a) Is the reduced retirement benefit such member or joint annuitant is receiving divided by the normal retirement benefit to which the retired member was entitled at retirement, and (b) Is the supplement amount computed in accordance with subsection (2) or subsection (3), whichever is applicable. (5) The supplement amount calculated in accordance with this section shall be rounded to the nearest dollar.