CODING: Words stricken are deletions; words underlined are additions.
SENATE AMENDMENT
Bill No. CS for SB 270
Amendment No.
CHAMBER ACTION
Senate House
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11 Senator Myers moved the following amendment:
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13 Senate Amendment (with title amendment)
14 On page 141, lines 1-4, delete those lines
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17 185.60 Optional participation.--A municipality may
18 revoke its participation under this chapter by legislative act
19 or local ordinance stating that future members shall not be
20 covered under the minimum benefits or standards of this
21 chapter and by furnishing a certified copy of such legislative
22 act or ordinance to the division. The municipality shall
23 continue to be eligible to receive state premium tax moneys
24 for the existing plan until it is fully funded. As used in
25 this section, the term "fully funded" means that the present
26 value of all benefits, accrued and projected, is less than the
27 available assets and the present value of future member
28 contributions and future plan sponsor contributions on an
29 actuarial entry age cost funding basis. State premium tax
30 moneys shall not be used to provide benefits for members hired
31 after the municipality revokes participation under this
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SENATE AMENDMENT
Bill No. CS for SB 270
Amendment No.
1 chapter. Premium tax moneys previously received shall continue
2 to be used for the sole and exclusive benefit of police
3 officers, or police officers and firefighters where included,
4 and no amendment, legislative act, or ordinance shall be
5 adopted that has the effect of reducing the then-vested
6 accrued benefits of the police officers, retirees, or their
7 beneficiaries. The municipality shall continue to furnish an
8 annual report to the division as provided in s. 185.221. If
9 the municipality subsequently terminates the defined benefit
10 plan, it must do so in compliance with s. 185.37.
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