Senate Bill 0210

    Florida Senate - 2000                                   SB 210

    By the Committee on Governmental Oversight and Productivity





    302-227-00

  1                      A bill to be entitled

  2         An act relating to deferred compensation

  3         programs; amending s. 112.215, F.S.;

  4         authorizing the creation of an additional

  5         salary deferral program; providing procedures

  6         for implementation by state and local

  7         governments; providing an effective date.

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  9  Be It Enacted by the Legislature of the State of Florida:

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11         Section 1.  Present subsections (8), (9), (10), (11),

12  and (12) of section 112.215, Florida Statutes, are

13  redesignated as subsections (9), (10), (11), (12), and (13),

14  respectively, and a new subsection (8) is added to that

15  section to read:

16         112.215  Government employees; deferred compensation

17  program.--

18         (8)  The Treasurer, on behalf of state agencies, and

19  the governing body of a county, municipality, or other

20  political subdivision may adopt a defined contribution plan

21  under the authority of 26 U.S.C. s. 401(a) for the purpose of

22  matching all or a specified portion of public employees'

23  contributions to a deferred compensation program. Employer

24  contributions to such a plan by the state must be determined

25  annually by the Legislature in the General Appropriations Act,

26  or other legislation implementing that act; and employer

27  contributions by a local government must be determined

28  annually by the local governing body in its annual budget.

29  Employer contributions may take the form of a shared

30  percentage or fixed dollar amount to be made by the employer

31  and employee. There must be a separate accounting for funds

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






    Florida Senate - 2000                                   SB 210
    302-227-00




  1  credited to such a deferred compensation account, but the

  2  funds for those accounts may be commingled for investment

  3  purposes.

  4         Section 2.  This act shall take effect July 1, 2000.

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  7                          SENATE SUMMARY

  8    Authorizes the State Treasurer, on behalf of state
      agencies, and the governing body of a county,
  9    municipality, or other political subdivision to adopt a
      defined contribution plan under 26 U.S.C. s. 401(a) to
10    match all or a specified portion of public employees'
      contributions to a deferred compensation program. The
11    Legislature or local governing body is to determine
      annually the employer contributions to such a plan.
12    Requires a separate accounting for funds credited to such
      a deferred compensation account, but allows funds to be
13    commingled for investment purposes.

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