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House Bill 0257




    Florida House of Representatives - 1997                 HB 257

        By Representative Turnbull






  1                      A bill to be entitled

  2         An act relating to trust funds; amending s.

  3         112.215, F.S.; creating the Government

  4         Employees Deferred Compensation Trust Fund in

  5         the State Treasury and providing for its assets

  6         and purpose; providing an effective date.

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

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10         Section 1.  Subsection (13) is added to section

11  112.215, Florida Statutes, 1996 Supplement, to read:

12         112.215  Government employees; deferred compensation

13  program.--

14         (10)

15         (b)  Moneys, pensions, annuities, or other benefits

16  accrued or accruing under and pursuant to 26 U.S.C. s. 457 and

17  the deferred compensation plan provided for therein and

18  adopted by this state; and

19         1.  All amounts of compensation deferred thereunder;

20         2.  All property and rights purchased with such

21  amounts; and

22         3.  All income attributable to such amounts, property,

23  or rights

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25  shall remain solely the property and rights of this state

26  until made available to the employee or other beneficiary,

27  without being restricted to the provisions of benefits under

28  the plan, subject only to the claims of the state's general

29  creditors.

30         (13)  There is hereby created in the State Treasury the

31  Government Employees Deferred Compensation Trust Fund to hold

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






    Florida House of Representatives - 1997                 HB 257

    558-125-97






  1  the assets specified in paragraph (10)(b).  Notwithstanding

  2  the language in paragraph (10)(b), which is mandated by 26

  3  U.S.C. s. 457(b)(6), all of the specified assets shall be held

  4  in trust for the exclusive benefit of participants and their

  5  beneficiaries as mandated by 26 U.S.C. s. 457(g)(1).

  6         Section 2.  This act shall take effect upon becoming a

  7  law.

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10                          HOUSE SUMMARY

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      Creates the Government Employees Deferred Compensation
12    Trust Fund in the State Treasury to hold state deferred
      compensation plan assets in trust for the exclusive
13    benefit of participants and their beneficiaries, as
      mandated by federal law.
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