SENATE AMENDMENT

    Bill No. SB 2530

    Amendment No. 4

                            CHAMBER ACTION
              Senate                               House
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11  The Committee on Governmental Oversight and Productivity

12  recommended the following amendment:

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14         Senate Amendment (with title amendment) 

15         On page 40, between lines 29 and 30,

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17  insert:

18         Section 19.  Subsection (4) of section 112.64, Florida

19  Statutes, is amended to read:

20         112.64  Administration of funds; amortization of

21  unfunded liability.--

22         (4)  The net increase, if any, in unfunded liability

23  under the plan arising from significant plan amendments

24  adopted, changes in actuarial assumptions, changes in funding

25  methods, or actuarial gains or losses shall be amortized

26  within 30 plan years. In the event that there is no unfunded

27  liability under the plan, then the Division of Retirement and

28  the plan actuary will determine plan contributions in a manner

29  designed to maintain the fully funded status of the plan, and

30  to minimize volatility in retirement system contribution

31  rates. If, as a result of favorable experience, the plan's

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                                                  SENATE AMENDMENT

    Bill No. SB 2530

    Amendment No. 4





 1  funded ratio of assets divided by actuarial liability exceeds

 2  120%, then a portion of the plan's surplus assets shall be

 3  applied as a "pension experience dividend" to directly offset

 4  not more than 20% of the next year's otherwise determined

 5  contribution. It is the legislative intent that any pension

 6  experience dividend afforded pursuant to this section be

 7  recognized as a non-recurring payroll cost reduction.

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 9  (Redesignate subsequent sections.)

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

13  And the title is amended as follows:

14         On page 2, line 27, after the semicolon

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16  insert:

17         amending s. 112.64, F.S.; providing a pension

18         experience dividend;

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