SENATE AMENDMENT

    Bill No. CS/CS/CS/HB 3075, 1st Eng.

    Amendment No.    

                            CHAMBER ACTION
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11  Senator Myers moved the following amendment:

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13         Senate Amendment 

14         On page 141, line 18, through page 142, line 4, delete

15  those lines

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17  and insert:

18         185.60  Optional participation.--A municipality may

19  revoke its participation under this chapter by legislative act

20  or local ordinance stating that future members shall not be

21  covered under the minimum benefits or standards of this

22  chapter and by furnishing a certified copy of such legislative

23  act or ordinance to the division. The municipality shall

24  continue to be eligible to receive state premium tax moneys

25  for the existing plan until it is fully funded. As used in

26  this section, the term "fully funded" means that the present

27  value of all benefits, accrued and projected, is less than the

28  available assets and the present value of future member

29  contributions and future plan sponsor contributions on an

30  actuarial entry age cost funding basis. State premium tax

31  moneys shall not be used to provide benefits for members hired

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                                                  SENATE AMENDMENT

    Bill No. CS/CS/CS/HB 3075, 1st Eng.

    Amendment No.    





 1  after the municipality revokes participation under this

 2  chapter. Premium tax moneys previously received shall continue

 3  to be used for the sole and exclusive benefit of police

 4  officers, or police officers and firefighters where included,

 5  and no amendment, legislative act, or ordinance shall be

 6  adopted that has the effect of reducing the then-vested

 7  accrued benefits of the police officers, retirees, or their

 8  beneficiaries. The municipality shall continue to furnish an

 9  annual report to the division as provided in s. 185.221. If

10  the municipality subsequently terminates the defined benefit

11  plan, it must do so in compliance with s. 185.37.

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