Florida Senate - 2016                        COMMITTEE AMENDMENT
       Bill No. SB 7014
       
       
       
       
       
       
                                Ì622220^Î622220                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                   Comm: WD            .                                
                  11/17/2015           .                                
                                       .                                
                                       .                                
                                       .                                
       —————————————————————————————————————————————————————————————————




       —————————————————————————————————————————————————————————————————
       The Committee on Community Affairs (Brandes) recommended the
       following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Before line 80
    4  insert:
    5         Section 1. Paragraph (g) is added to subsection (3) of
    6  section 121.031, Florida Statutes, to read:
    7         121.031 Administration of system; appropriation; oaths;
    8  actuarial studies; public records.—
    9         (3) The administrator shall cause an actuarial study of the
   10  system to be made at least annually and shall report the results
   11  of such study to the Legislature by December 31 prior to the
   12  next legislative session. The study shall, at a minimum, conform
   13  to the requirements of s. 112.63, with the following exceptions
   14  and additions:
   15         (g) Effective January 1, 2017, the actuarial assumed rate
   16  of return must be at a rate that is expected to be realized at
   17  least 50 percent of the time over the next 30-year period.
   18  
   19  ================= T I T L E  A M E N D M E N T ================
   20  And the title is amended as follows:
   21         Between lines 2 and 3
   22  insert:
   23         amending s. 121.031, F.S.; revising the minimum
   24         requirements for the annual actuarial study of the
   25         Florida Retirement System;