SENATE AMENDMENT
    Bill No. SB 1298
    Amendment No. 1   Barcode 571034
                            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 2, between line 17 and 18,
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17  insert:  
18         Section 2.  It is the intent of the Legislature that
19  the costs attributable to indexed benefits for inactive
20  terminated vested members of the Florida Retirement System
21  shall be funded by recognition of a level lump sum payment,
22  amortized over 5 years in equal annual payments, from the
23  excess actuarial assets of the Florida Retirement System Trust
24  Fund. If, after recognition fo the excess actuarial assets,
25  there remains an unfunded actuarial liability attributable to
26  the increase in the retirement accrual rates, the payroll
27  contribution rate for all affected classes shall be increased
28  by the required amounts, effective July 1, 2002, unless the
29  Legislature provides an alternative funding mechanism.
30         Section 3.  The Legislature finds that a proper and
31  legitimate state purpose is served when employees and retirees
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                                                  SENATE AMENDMENT
    Bill No. SB 1298
    Amendment No. 1   Barcode 571034
 1  of the state and its political subdivisions and the
 2  dependents, survivors, and beneficiaries of such employees and
 3  retirees are extended the basic protections afforded by
 4  governmental retirement systems that provide fair and adequate
 5  benefits and that are managed, administered, and funded in an
 6  actuarially sound manner, as required by Section 14, Article
 7  X, of the State Constitution and part VII of chapter 112,
 8  Florida Statutes. Therefore, the Legislature determines and
 9  declares that this act fulfills an important state interest.
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11  (Redesignate subsequent sections.)
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14  ================ T I T L E   A M E N D M E N T ===============
15  And the title is amended as follows:
16         On page 1, line 6, after the semicolon
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18  insert:
19         providing for funding from retirement surplus;
20         providing a declaration of an important state
21         interest;
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