Senate Bill 2344

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



    Florida Senate - 1998                                  SB 2344

    By Senator Bankhead





    8-1774-98                                               See HB

  1                      A bill to be entitled

  2         An act relating to trust funds; creating s.

  3         403.802, F.S.; creating the Florida Employee

  4         Long-term Care Plan Trust Fund; specifying

  5         sources of moneys in the fund; providing for

  6         administration of the fund; providing for uses

  7         of the fund; providing for investment of moneys

  8         in the fund for certain purposes; providing

  9         that the fund is exempt from constitutional

10         termination requirements; amending s. 215.22,

11         F.S.; exempting the trust fund from the general

12         revenue service charge; providing an effective

13         date.

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15  Be It Enacted by the Legislature of the State of Florida:

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17         Section 1.  Section 430.802, Florida Statutes, is

18  created to read:

19         430.802  Florida Employee Long-term Care Trust Fund.--

20         (1)  The Florida Employee Long-term Care Plan Trust

21  Fund is created as a nonlapsing, self-funded trust fund to be

22  administered exclusively for and consistent with the Florida

23  Employee Long-term Care Plan under s. 403.801. The fund shall

24  be held in trust by the state in a trustee capacity as a

25  fiduciary for individuals participating in the plan. The trust

26  fund shall be administered by the Department of Elderly

27  Affairs or by an entity under contract with the department to

28  provide professional administrative services.

29         (2)  The trust fund shall consist of all moneys

30  contributed by or on behalf of participants in the plan, any

31  property or securities and earnings on such property or

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






    Florida Senate - 1998                                  SB 2344
    8-1774-98                                               See HB




  1  securities acquired through the use of moneys in the fund,

  2  interest earned on moneys in the fund, and any other moneys as

  3  appropriated by the Legislature. All moneys deposited into the

  4  trust fund shall be trust funds for the uses and purposes set

  5  forth in the plan. Such moneys are not part of the State

  6  Treasury and shall not be made available, reappropriated, or

  7  transferred to or otherwise commingled with the General

  8  Revenue Fund of the state. Notwithstanding the provisions of

  9  s. 216.301, and pursuant to s. 216.351, any balance in the

10  trust fund at the end of any fiscal year shall remain in the

11  trust fund and shall be available for carrying out the

12  purposes of the trust fund.

13         (3)  The Department of Elderly Affairs shall expend

14  moneys in the trust fund consistent with and subject to the

15  terms and conditions of the plan pursuant to s. 403.801.

16         (4)  The department may disburse moneys in the trust

17  fund to pay all necessary expenses to carry out the purposes

18  of this section and s. 403.801, including, but not limited to,

19  compensating any entity which provides professional

20  administrative services for the plan.

21         (5)  The department may contract with the State Board

22  of Administration to invest moneys in the trust fund. Plan

23  contributions collected and not required to pay the costs of

24  the plan are held on behalf of and for the benefit of plan

25  enrollees and are not state funds. Such moneys shall be held

26  by the State Board of Administration on behalf of enrollees

27  and invested in accordance with the provisions of ss.

28  215.44-215.53.

29         (6)  Pursuant to s. (f)(3), Art. III of the State

30  Constitution, the trust fund is not subject to termination

31  under s. (f)(2), Art. III of the State Constitution.

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






    Florida Senate - 1998                                  SB 2344
    8-1774-98                                               See HB




  1         Section 2.  Paragraph (t) is added to subsection (1) of

  2  section 215.22, Florida Statutes, to read:

  3         215.22  Certain income and certain trust funds

  4  exempt.--

  5         (1)  The following income of a revenue nature or the

  6  following trust funds shall be exempt from the deduction

  7  required by s. 215.20(1):

  8         (t)  The Florida Employee Long-term Care Plan Trust

  9  Fund.

10         Section 3.  This act shall take effect upon becoming a

11  law, if SB.... or similar legislation is adopted in the same

12  legislative session or an extension thereof.

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15                       LEGISLATIVE SUMMARY

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      Creates the Florida Employee Long-term Care Plan Trust
17    Fund as a nonlapsing, self-funded trust fund for purposes
      of implementing the Florida Employee Long-term Care Plan.
18    Exempts the fund from termination and from the general
      revenue service charge.
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