SENATE AMENDMENT

    Bill No. CS/CS/HB 3491, 2nd Eng.

    Amendment No.    

                            CHAMBER ACTION
              Senate                               House
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11  Senator Burt moved the following substitute for amendment

12  (403170):

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14         Senate Amendment (with title amendment) 

15         On page 40, between lines 12 and 13,

16

17  insert:

18         Section 18.  The Executive Director of the State Board

19  of Administration and the Director of the Division of

20  Retirement shall undertake a comprehensive review of the

21  assumptions and contribution rate structure underpinning the

22  operation of the Florida Retirement System. By March 1, 1999,

23  the State Board of Administration and the division shall

24  submit to the Board of Trustees of the State Board of

25  Administration, the President of the Senate, and the Speaker

26  of the House of Representatives a report which shall contain

27  the following elements:

28         (1)  The method of development of actuarial assumptions

29  and their application.

30         (2)  The relevance of present assumptions in light of

31  patterns of recruitment, retention, and retirement.

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                                                  SENATE AMENDMENT

    Bill No. CS/CS/HB 3491, 2nd Eng.

    Amendment No.    





 1         (3)  The investment and economic market in which the

 2  Florida Retirement System, and similarly constituted systems,

 3  operate.

 4         (4)  Prospective conditions in economic forecasts

 5  within a reasonable degree of estimation which may affect

 6  investment performance, workforce, and salary trends.

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 8  The State Board of Administration and the Division of

 9  Retirement may, at their discretion, utilize the services of

10  the Office of Economic and Demographic Research and may also

11  convene a working group of affected principals for use in the

12  development of the study proposed in this section. The

13  President of the Senate and the Speaker of the House of

14  Representatives may each appoint two legislative members to

15  the working group.

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17  (Redesignate subsequent sections.)

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20  ================ T I T L E   A M E N D M E N T ===============

21  And the title is amended as follows:

22         On page 2, line 30, after the semicolon

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24  insert:

25         relating to duplicative contribution rates;

26         providing for a report to the Board of Trustees

27         of the State Board of Administration, the

28         President of the Senate, and the Speaker of the

29         House of Representatives on the Florida

30         Retirement System;

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