CODING: Words stricken are deletions; words underlined are additions.House Bill 0933
Florida House of Representatives - 1997 HB 933
By Representative Martinez
1 A bill to be entitled
2 An act relating to retirement funds; amending
3 s. 175.071, F.S.; prescribing authorized
4 investments for firefighters' pension trust
5 funds; amending s. 185.06, F.S.; prescribing
6 authorized investments for municipal police
7 officers' retirement trust funds; providing an
8 effective date.
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10 Be It Enacted by the Legislature of the State of Florida:
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12 Section 1. Paragraph (b) of subsection (1) of section
13 175.071, Florida Statutes, is amended to read:
14 175.071 Powers of board of trustees.--
15 (1) The board of trustees may:
16 (b) Invest and reinvest the assets of the
17 firefighters' pension trust fund in any investment in which
18 assets of the Florida Retirement System may be invested.:
19 1. Time or savings accounts of a national bank, a
20 state bank insured by the Federal Deposit Insurance
21 Corporation, or a savings, building and loan association
22 insured by the Federal Savings and Loan Insurance Corporation.
23 2. Obligations of the United States or obligations
24 guaranteed as to principal and interest by the Government of
25 the United States.
26 3. Bonds issued by the State of Israel.
27 4. Bonds, stocks, or other evidences of indebtedness
28 issued or guaranteed by a corporation organized under the laws
29 of the United States, any state or organized territory of the
30 United States, or the District of Columbia, provided:
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Florida House of Representatives - 1997 HB 933
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1 a. The corporation is listed on any one or more of the
2 recognized national stock exchanges and holds a rating in one
3 of the three highest classifications by a major rating
4 service; and
5 b. The board of trustees shall not invest more than 5
6 percent of its assets in the common stock or capital stock of
7 any one issuing company, nor shall the aggregate investment in
8 any one issuing company exceed 5 percent of the outstanding
9 capital stock of that company or the aggregate of its
10 investments under this subparagraph at cost exceed 30 percent
11 of the assets of the fund.
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13 This paragraph shall apply to all boards of trustees and
14 participants. However, in the event that a municipality or
15 special fire control district has a duly enacted pension plan
16 pursuant to, and in compliance with, s. 175.351, and the
17 trustees thereof desire to vary the investment procedures
18 herein, the trustees of such plan shall request a variance of
19 the investment procedures as outlined herein only through a
20 municipal ordinance, special act of the Legislature, or
21 resolution by the governing body of the special fire control
22 district; where a special act, or a municipality by ordinance
23 adopted prior to October 1, 1986, permits a greater than
24 30-percent equity investment, such municipality shall not be
25 required to comply with the aggregate equity investment
26 provisions of this paragraph. Investments shall not be made
27 in any stocks, bonds, or other securities owned or controlled
28 by a government other than that of the United States or the
29 several states.
30 Section 2. Paragraph (b) of subsection (1) of section
31 185.06, Florida Statutes, is amended to read:
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Florida House of Representatives - 1997 HB 933
106-236-97
1 185.06 Powers of board of trustees.--
2 (1) The board of trustees may:
3 (b) Invest and reinvest the assets of the retirement
4 trust fund in any investment in which assets of the Florida
5 Retirement System may be invested.:
6 1. Time or savings accounts of a national bank, a
7 state bank insured by the Federal Deposit Insurance
8 Corporation, or a savings and loan association insured by the
9 Federal Savings and Loan Insurance Corporation.
10 2. Obligations of the United States or obligations
11 guaranteed as to principal and interest by the United States.
12 3. Bonds issued by the State of Israel.
13 4. Bonds, stocks, or other evidences of indebtedness
14 issued or guaranteed by a corporation organized under the laws
15 of the United States, any state or organized territory of the
16 United States, or the District of Columbia, provided:
17 a. The corporation is listed on any one or more of the
18 recognized national stock exchanges and holds a rating in one
19 of the three highest classifications by a major rating
20 service; and
21 b. The board of trustees shall not invest more than 5
22 percent of its assets in the common stock or capital stock of
23 any one issuing company, nor shall the aggregate investment in
24 any one issuing company exceed 5 percent of the outstanding
25 capital stock of the company or the aggregate of its
26 investments under this subparagraph at cost exceed 30 percent
27 of the fund's assets.
28
29 This paragraph shall apply to all boards of trustees and
30 participants. However, in the event that a municipality has a
31 duly enacted pension plan pursuant to, and in compliance with,
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Florida House of Representatives - 1997 HB 933
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1 s. 185.35 and the trustees thereof desire to vary the
2 investment procedures herein, the trustees of such plan shall
3 request a variance of the investment procedures as outlined
4 herein only through a municipal ordinance or special act of
5 the Legislature; where a special act, or a municipality by
6 ordinance adopted prior to October 1, 1986, permits a greater
7 than 30-percent equity investment, such municipality shall not
8 be required to comply with the aggregate equity investment
9 provisions of this paragraph. Investments shall not be made in
10 any stocks, bonds, or other securities owned or controlled by
11 a government other than that of the United States or of the
12 several states.
13 Section 3. This act shall take effect upon becoming a
14 law.
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17 SENATE SUMMARY
18 Authorizes the investment of assets of firefighters'
pension trust funds and municipal police officers'
19 retirement trust funds in any investment in which assets
of the Florida Retirement System may be invested.
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