CODING: Words stricken are deletions; words underlined are additions.
HOUSE AMENDMENT
Bill No. HB 2393
Amendment No. (for drafter's use only)
CHAMBER ACTION
Senate House
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5 ORIGINAL STAMP BELOW
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11 Representative(s) Pruitt offered the following:
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13 Amendment
14 On page 38, line 8 through page 41, line 27
15 remove from the bill: all of said lines
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17 and insert in lieu thereof:
18 (2) CONTRIBUTIONS TO PARTICIPANTS' ACCOUNTS.--Employer
19 and participant contributions to participant accounts shall be
20 accounted for separately. Interest and investment earnings on
21 employer contributions shall accrue on a tax-deferred basis
22 until proceeds are distributed. Pursuant thereto:
23 (a) All contributions made on behalf of a participant
24 pursuant to this subsection shall be transferred by the
25 employer to the third-party administrator for deposit in the
26 participant's account.
27 (b) Retirement contributions for Regular Class members
28 of the optional retirement plan are as follows:
29 Dates of Contribution Employers
30 Rate Changes
31 Effective July 1, 2002: 9.0%
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hap0008 09:08 pm 02393-0081-184325
HOUSE AMENDMENT
Bill No. HB 2393
Amendment No. (for drafter's use only)
1 (c) Retirement contributions for Special Risk Class
2 members of the optional retirement plan are as follows:
3 Dates of Contribution Employers
4 Rate Changes
5 Effective July 1, 2002: 20.0%
6 (d) Retirement contributions for Special Risk
7 Administrative Support Class members of the optional
8 retirement plan are as follows:
9 Dates of Contribution Employers
10 Rate Changes
11 Effective July 1, 2002: 11.35%
12 (e) Retirement contributions for Elected Officers'
13 Class members of the optional retirement plan are as follows:
14 Dates of Contribution Employers
15 Rate Changes
16 Effective July 1, 2002:
17 Legislators 13.40%
18 Governor, Lt. Governor,
19 Cabinet Officers 13.40%
20 State Attorneys, Public
21 Defenders 13.40%
22 Justices, Judges 18.90%
23 County Elected Officers 16.20%
24 (f) Retirement contributions for Senior Management
25 Service Class members of the optional retirement plan are as
26 follows:
27 Dates of Contribution Employers
28 Rate Changes
29 Effective July 1, 2002: 10.95%
30 (3) CONTRIBUTIONS TO DISABILITY ACCOUNT.--
31 (a) All contributions made on behalf of a participant
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HOUSE AMENDMENT
Bill No. HB 2393
Amendment No. (for drafter's use only)
1 pursuant to this subsection shall be transferred by the
2 employer to the third-party administrator for deposit in the
3 Public Employee Disability Trust Fund administered by the
4 Division of Retirement. Such contributions, less any fees or
5 charges authorized by the Legislature to offset the costs of
6 administering the disability component of the optional
7 retirement program, shall be used to provide disability
8 coverage for participants in the optional retirement program.
9 (b) Disability contributions for Regular Class members
10 of the optional retirement plan are as follows:
11 Dates of Contribution Employers
12 Rate Changes
13 Effective July 1, 2002: 0.39%
14 (c) Disability contribution for Special Risk Class
15 members of the optional retirement plan are as follows:
16 Dates of Contribution Employers
17 Rate Changes
18 Effective July 1, 2002: 1.25%
19 (d) Disability contribution for Special Risk
20 Administrative Support Class members of the optional
21 retirement plan are as follows:
22 Dates of Contribution Employers
23 Rate Changes
24 Effective July 1, 2002: 0.73%
25 (e) Disability contribution for Elected Officers'
26 Class members of the optional retirement plan are as follows:
27 Dates of Contribution Employers
28 Rate Changes
29 Effective July 1, 2002:
30 Legislators 0.61%
31 Governor, Lt. Governor,
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hap0008 09:08 pm 02393-0081-184325
HOUSE AMENDMENT
Bill No. HB 2393
Amendment No. (for drafter's use only)
1 Cabinet Officers 0.61%
2 State Attorneys, Public
3 Defenders 0.61%
4 Justices, Judges 1.45%
5 County Elected Officers 0.86%
6 (f) Disability contribution for Senior Management
7 Service Class members of the optional retirement plan are as
8 follows:
9 Dates of Contribution Employers
10 Rate Changes
11 Effective July 1, 2002: 0.50%
12 (4) CONTRIBUTIONS FOR SOCIAL SECURITY COVERAGE AND FOR
13 RETIREE HEALTH INSURANCE SUBSIDY.--Contributions required
14 under this section shall be in addition to employer and member
15 contributions required for social security and the Retiree
16 Health Insurance Subsidy Trust Fund as provided in s. 121.071.
17 (5) ADMINISTRATIVE AND EDUCATIONAL
18 CONTRIBUTIONS.--Effective June 1, 2002, the contribution rate
19 for each employer shall be 0.1 percent on behalf of each
20 participant to fund the administrative and educational
21 expenses of the optional program. All contributions made on
22 behalf of a participant pursuant to this subsection shall be
23 transferred to the third-party administrator for deposit in
24 the board's administrative fund.
25 (6) DEDUCTIONS.--The board or the third-party
26 administrator may deduct reasonable fees and apply appropriate
27 charges to participants' accounts. Payments for third-party
28 administrative or educational expenses shall be made only
29 pursuant to the terms of the approved contracts for such
30 services. In no event shall administrative and educational
31 expenses exceed the portion of employer contributions
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HOUSE AMENDMENT
Bill No. HB 2393
Amendment No. (for drafter's use only)
1 earmarked for such expenses pursuant to this section, except
2 for reasonable administrative charges assessed against
3 participant accounts of persons for whom no employer
4 contributions are made during the year. Investment management
5 fees shall be deducted from the gross returns earned by each
6 authorized investment product or approved provider, pursuant
7 to the terms of the contract between the provider and the
8 board.
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File original & 9 copies 04/25/00
hap0008 09:08 pm 02393-0081-184325