Senate Bill 1856c1

    Florida Senate - 1999                           CS for SB 1856

    By the Committee on Governmental Oversight and Productivity;
    and Senator Silver




    302-1880-99

  1                      A bill to be entitled

  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.

  9

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 used solely

25  for the purpose of providing benefits under the Preservation

26  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 shall ever

30  receive a transfer of moneys and assets from the Florida

31  Retirement System, the Florida Retirement System Trust Fund,

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






    Florida Senate - 1999                           CS for SB 1856
    302-1880-99




  1  or any other qualified retirement plan administered by the

  2  Division of Retirement.

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

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

  5  future benefits.

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

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

  8  year and shall be available for carrying out the purposes of

  9  the trust fund only.

10         (3)  The Legislature declares that the Florida

11  Retirement System Preservation of Benefits Plan Trust Fund is

12  exempt from the automatic termination provisions of s.

13  19(f)(2), Art. III of the State Constitution.

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

15  SB 1858 or similar legislation is adopted in the same

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

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

18  membership of each house of the Legislature.

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20          STATEMENT OF SUBSTANTIAL CHANGES CONTAINED IN
                       COMMITTEE SUBSTITUTE FOR
21                         Senate Bill 1856

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23  Adds necessary constitutional, statutory, and Internal Revenue
    Code references to ensure IRS compliance.
24
    Changes the effective date to July 1, 1999, contingent upon
25  passage of Senate Bill 1858 or similar legislation.

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