House Bill 2285
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Florida House of Representatives - 2000 HB 2285
By Representative Gay
1 A bill to be entitled
2 An act relating to the Florida Retirement
3 System; creating the "Florida Retirement System
4 Protection and Stabilization Act"; creating s.
5 121.0455, F.S.; providing for the assumption of
6 assets and liabilities of the system; amending
7 s. 121.051, F.S.; providing for compulsory
8 participation in the system; creating s.
9 121.0535, F.S.; providing for the transfer of
10 funds to the Florida Retirement System
11 Stabilization Trust Fund; creating s. 121.1005,
12 F.S.; providing for the purposes of the Florida
13 Retirement System Stabilization Trust Fund;
14 providing an effective date.
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16 Be It Enacted by the Legislature of the State of Florida:
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18 Section 1. Short title.--This act may be cited as the
19 "Florida Retirement System Protection and Stabilization Act."
20 Section 2. Section 121.0455, Florida Statutes, is
21 created to read:
22 121.0455.--Assumption of Assets and
23 Liabilities.--Effective June 1, 2000, the system identifying
24 employees entitled to benefits pursuant to s. 121.051(1)(e)
25 shall assume:
26 (1) All liabilities related to the payment of benefits
27 to members of the Florida Retirement System and their
28 beneficiaries; and
29 (2) All obligations in regard to funding and
30 administering benefits accrued for the benefit of Florida
31 Retirement System members, beneficiaries, and survivors.
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Florida House of Representatives - 2000 HB 2285
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1 Section 3. Paragraph (a) of subsection (1) of section
2 121.051, Florida Statutes, is amended, and paragraph (e) is
3 added to said subsection, to read:
4 121.051 Participation in the system.--
5 (1) COMPULSORY PARTICIPATION.--
6 (a) The provisions of this law shall be compulsory as
7 to all officers and employees, except elected officers who
8 meet the requirements of s. 121.052(3), who are employed on or
9 after December 1, 1970, and before June 30, 2000, of an
10 employer other than those referred to in paragraph (2)(b), and
11 each officer or employee, as a condition of employment, shall
12 become a member of the system as of his or her date of
13 employment, except that a person who is retired from any state
14 retirement system and is reemployed on or after December 1,
15 1970, shall not be permitted to renew his or her membership in
16 any state retirement system except as provided in s.
17 121.091(4)(h) for a person who recovers from disability, and
18 as provided in s. 121.091(9)(b)8. for a person who is elected
19 to public office, and, effective July 1, 1991, as provided in
20 s. 121.122 for all other retirees. Officers and employees of
21 the University Athletic Association, Inc., a nonprofit
22 association connected with the University of Florida, employed
23 on and after July 1, 1979, shall not participate in any
24 state-supported retirement system. Any person appointed on or
25 after July 1, 1989, to a faculty position in a college at the
26 J. Hillis Miller Health Center at the University of Florida or
27 the Medical Center at the University of South Florida which
28 has a faculty practice plan provided by rule adopted by the
29 Board of Regents shall not participate in the Florida
30 Retirement System. A faculty member so appointed shall
31 participate in the optional retirement program on the basis of
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Florida House of Representatives - 2000 HB 2285
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1 his or her state-funded compensation, notwithstanding the
2 provisions of s. 121.35(2)(a).
3 (e) The provisions of this law shall be compulsory as
4 to all officers and employees, except elected officers who
5 meet the requirements of s. 121.052(3), who are employed on or
6 after June 1, 2000, of an employer other than those referred
7 to in paragraph (2)(b), and each officer or employee, as a
8 condition of employment, shall become a member of the system
9 as of his or her date of employment, except that a person who
10 is retired from any state retirement system and is reemployed
11 on or after December 1, 1970, and before May 31, 2000, shall
12 not be permitted to renew his or her membership in any state
13 retirement system except as provided in s. 121.09(4)(h) for a
14 person who recovers from disability, and as provided in s.
15 121.091(9)(b)8. for a person who is elected to public office,
16 and, effective July 1, 1991, as provided in s. 121.122 for all
17 other retirees. Officers and employees of the University
18 Athletic Association, Inc., a nonprofit association connected
19 with the University of Florida, employed on and after July 1,
20 1979, shall not participate in any state-supported retirement
21 system. Any person appointed on or after July 1, 1989, to
22 faculty position in a college at the J. Hillis Miller Health
23 Center at the University of Florida or the Medical Center at
24 the University of South Florida which has a faculty practice
25 plan provided by rule adopted by the Board of Regents shall
26 not participate in the Florida Retirement System. A faculty
27 member so appointed shall participate in the optional
28 retirement program on the basis of his or her state-funded
29 compensation, notwithstanding the provisions of s.
30 121.35(2)(a).
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Florida House of Representatives - 2000 HB 2285
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1 Section 4. Section 121.0535, Florida Statutes, is
2 created to read:
3 121.0535 Transfer of Trust Fund Surplus.--The
4 Department of Management Services shall direct the state
5 treasurer to transfer to the Florida Retirement System
6 Stabilization Trust Fund any funds that are:
7 (1) Not required to satisfy all liabilities of the
8 retirement system for benefits; and
9 (2) Any funds not required to satisfy all liabilities
10 associated with the Legislature implementing a defined
11 contribution retirement plan in the year 2000.
12 Section 5. Section 121.1005, Florida Statutes, is
13 created to read:
14 121.1005 Florida Retirement System Stabilization Trust
15 Fund.--
16 (1) The Florida Retirement System Stabilization Trust
17 Fund shall consist of the transfer of assets pursuant to s.
18 121.0535.
19 (2) The trust fund shall be separate and apart from
20 the Florida Retirement System Trust Fund.
21 (3) The funds of the Florida Retirement System
22 Stabilization Trust Fund shall be appropriated for the
23 following purposes:
24 (a) Each fiscal year, the Legislature may appropriate
25 the interest earnings of the trust fund to stabilize the
26 Florida Retirement System.
27 (b) Each fiscal year that the legislature does not
28 appropriate the interest earnings of the trust fund to
29 stabilize the Florida Retirement System, the Legislature may
30 appropriate up to 85 percent of the interest earnings for
31 other state needs, including funding the special risk formula
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Florida House of Representatives - 2000 HB 2285
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1 for firefighters and police officers, transportation,
2 teachers' salaries and other education issues, children,
3 health care, foster care, and elder care.
4 (c) The Legislature may, by a two-thirds vote of each
5 house, appropriate a portion of the principal of the trust
6 fund to stabilize the Florida Retirement System.
7 Section 6. This act shall take effect upon becoming a
8 law.
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11 HOUSE SUMMARY
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Creates the Florida Retirement System Stabilization Act.
13 Transfers trust fund money from the Florida Retirement
System Trust Fund into the Florida Retirement System
14 Stabilization Trust Fund. See bill for details.
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