House Bill 1489er

    ENROLLED

    1999 Legislature                                    CS/HB 1489



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  2         An act relating to the Florida Retirement

  3         System; creating s. 121.095, F.S.; creating the

  4         Florida Retirement System Preservation of

  5         Benefits Plan Trust Fund within the Division of

  6         Retirement; providing for sources of funds and

  7         purpose; providing an exemption from

  8         termination; providing an 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.  Section 121.095, Florida Statutes, is

13  created to read:

14         121.095  Florida Retirement System Preservation of

15  Benefits Plan Trust Fund.--

16         (1)  The Florida Retirement System Preservation of

17  Benefits Plan Trust Fund is created within the Division of

18  Retirement.

19         (a)  Funds to be credited to the trust fund shall

20  consist of Florida Retirement System monthly retirement

21  contributions required to meet the requirements for payment of

22  restored benefits under the Florida Retirement System

23  Preservation of Benefits Plan, as specified in s. 121.1001.

24         (b)  The trust fund shall be maintained and utilized

25  solely for the purpose of providing benefits under the

26  Preservation of Benefits Plan, as specified in s. 121.1001.

27         (c)  The trust fund shall be separate and apart from

28  the Florida Retirement System Trust Fund.  The trust fund

29  moneys and assets shall not be commingled with nor ever

30  receive a transfer of moneys and assets from the remainder of

31  the Florida Retirement System, including, but not limited to,


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




    ENROLLED

    1999 Legislature                                    CS/HB 1489



  1  the Florida Retirement System Trust Fund, or any other

  2  qualified retirement plan administered by the Division of

  3  Retirement.

  4         (d)  The trust fund shall be funded on a month-to-month

  5  basis.  Trust fund assets shall not be accumulated to pay

  6  future benefits.

  7         (2)  Any balance in the trust fund at the end of any

  8  fiscal year shall remain in the trust fund at the end of the

  9  year and shall only be available for paying administrative

10  expenses of the Preservation of Benefits Plan for the current

11  plan year or for future plan years.

12         (3)  The Legislature declares that the Florida

13  Retirement System Preservation of Benefits Plan Trust Fund is

14  exempt from the automatic termination provisions of s.

15  19(f)(3), Art. III of the State Constitution.

16         Section 2.  This act shall take effect July 1, 1999, if

17  HB 1013 or similar legislation is adopted in the same

18  legislative session or an extension thereof, but it shall not

19  take effect unless it is enacted by a three-fifths vote of the

20  membership of each house of the Legislature.

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