Florida Senate - 2013                          SENATOR AMENDMENT
       Bill No. CS/CS/SB 458, 1st Eng.
       
       
       
       
       
       
                                Barcode 570676                          
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                                       .                                
                                       .                                
                                       .                                
                Floor: 2/AD/3R         .                                
             04/11/2013 02:49 PM       .                                
       —————————————————————————————————————————————————————————————————




       —————————————————————————————————————————————————————————————————
       Senators Ring and Bradley moved the following:
       
    1         Senate Amendment 
    2  
    3         Delete lines 477 - 496
    4  and insert:
    5         b. Twenty-five percent of the additional premium tax
    6  revenues subject to this paragraph must be used to fund required
    7  benefits; and
    8         c. The remainder must be placed in a defined contribution
    9  plan to fund special benefits.
   10         3. If subparagraph 1. is not applicable and the plan has a
   11  long-term funded ratio of 80 percent or greater:
   12         a. Fifty percent of the additional premium tax revenues
   13  subject to this paragraph must be used to fund required
   14  benefits; and
   15         b. The remainder must be placed in a defined contribution
   16  plan to fund special benefits.
   17  
   18  Any additional premium tax revenues used to fund the plan’s
   19  actuarial deficiency pursuant to this paragraph may not be
   20  considered in determining the mandatory payment described in s.
   21  175.091(1)(d).
   22         (c) Additional premium tax revenues not described in
   23  paragraph (b) must be used to fund benefits that were not
   24  included in the required benefits to pay extra benefits to the