Senate Bill sb0436

    Florida Senate - 2001                                   SB 436

    By Senator Garcia





    39-454-01

  1                      A bill to be entitled

  2         An act relating to trust funds; creating s.

  3         121.4502, F.S.; creating the Public Employee

  4         Optional Retirement Program Trust Fund, to be

  5         administered by the State Board of

  6         Administration as a retirement trust fund not

  7         subject to termination under s. 19(f), Art. III

  8         of the State Constitution; providing for

  9         sources of moneys and purposes; providing for

10         exemption from the general revenue service

11         charges; providing an effective date.

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

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15         Section 1.  Section 121.4502, Florida Statutes, is

16  created to read:

17         121.4502  Public Employee Optional Retirement Program

18  Trust Fund.--

19         (1)  The Public Employee Optional Retirement Program

20  Trust Fund is created to hold the assets of the Public

21  Employee Optional Retirement Program in trust in accordance

22  with s. 401 of the Internal Revenue Code and s. 121.4501 and

23  shall be administered by the State Board of Administration as

24  trustee. Funds shall be credited to the trust fund as provided

25  in this part, to be used for the purposes of this part. The

26  trust fund is exempt from the service charges imposed by s.

27  215.20.

28         (2)  The Public Employee Optional Retirement Program

29  Trust Fund is a retirement trust fund of the Florida

30  Retirement System which accounts for retirement plan assets

31  held by the state in a trustee capacity as a fiduciary for

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






    Florida Senate - 2001                                   SB 436
    39-454-01




  1  individual participants in the Public Employee Optional

  2  Retirement Program and is not subject to termination under s.

  3  19(f), Art. III of the State Constitution.

  4         Section 2.  This act shall take effect July 1, 2001.

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  7                          SENATE SUMMARY

  8    Creates the Public Employee Optional Retirement Program
      Trust Fund and provides for its administration by the
  9    State Board of Administration. Provides for an exemption
      from service charges.
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CODING: Words stricken are deletions; words underlined are additions.