Senate Bill 0210
CODING: Words stricken are deletions; words underlined are additions.
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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