Senate Bill 1580

    Florida Senate - 1998                                 SJR 1580

    By Senator Dudley





    25-1166-98

  1                 Senate Joint Resolution No.     

  2         A joint resolution proposing the creation of

  3         Section 18 of Article X of the State

  4         Constitution to specify the duties of boards of

  5         trustees or fiduciaries of retirement systems

  6         and plans for public employees.

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  8  Be It Resolved by the Legislature of the State of Florida:

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10         That the creation of Section 18 of Article X of the

11  State Constitution is agreed to and shall be submitted to the

12  electors of this state for approval or rejection at the next

13  general election or at an earlier special election

14  specifically authorized by law for that purpose:

15                            ARTICLE X

16                          MISCELLANEOUS

17         SECTION 18.  Administration of public retirement

18  systems.--The board of trustees or named fiduciary of any

19  defined benefit retirement system or plan for public employees

20  participated in by any unit, agency, branch, department,

21  board, or institution of state, county, special district, or

22  municipal government and funded in whole or in part by public

23  funds shall:

24         (a)  Hold and invest all assets of the system or plan

25  in a trust fund to be used for the exclusive purposes of

26  providing benefits to participants and their beneficiaries and

27  defraying reasonable expenses of administering the system or

28  plan.

29         (b)  Ensure that no part of the principal or income of

30  the trust fund is used or diverted for purposes other than for

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CODING: Words stricken are deletions; words underlined are additions.






    Florida Senate - 1998                                 SJR 1580
    25-1166-98




  1  the exclusive benefit of member employees or their

  2  beneficiaries and for payment of administrative costs.

  3         (c)  Adopt sound actuarial assumptions for the system

  4  or plan and obtain regularly scheduled actuarial reports

  5  prepared and certified by an enrolled and competent actuary.

  6         BE IT FURTHER RESOLVED that the following statement be

  7  placed on the ballot:

  8                     CONSTITUTIONAL AMENDMENT

  9                      ARTICLE X, SECTION 18

10         ADMINISTRATION OF PUBLIC RETIREMENT SYSTEMS.--Proposing

11  an amendment to the State Constitution which defines the

12  duties of boards of trustees or fiduciaries of public-employee

13  retirement systems and plans as: holding, investing, and using

14  assets for the purposes of providing benefits to members and

15  their beneficiaries and paying reasonable administrative

16  costs; adopting sound actuarial assumptions; and obtaining

17  regular actuarial reports.

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